Private equity firm Hellman & Friedman (H&F) is leaning towards listing Verisure, the home security giant, on Euronext Amsterdam in a potential €20bn IPO, dealing another setback to London’s ambitions of reclaiming its appeal for major public offerings.

Sources close to Verisure suggest that while no final decision has been made, Amsterdam is emerging as the preferred listing venue despite efforts by exchanges in London, Stockholm, and Zurich to attract the flotation. The IPO, expected no earlier than 2025, would value Verisure at more than €20bn, with some market estimates suggesting the figure could reach €30bn, including debt.

Verisure, which operates under the Securitas Direct brand in some markets, serves 5.5 million customers across 17 countries, including the UK, Italy, the Netherlands, Brazil, and Chile. Under CEO Austin Lally, the company has evolved into a lucrative subscription-based business offering advanced security solutions.

H&F acquired a majority stake in Verisure from Bain Capital in 2015. Four years later, the company delivered a $2bn dividend payout to its owners. A consortium of Wall Street banks has already pitched for advisory roles on the IPO, while sources indicate UK regulatory reforms could still influence the final listing decision.

The potential Amsterdam listing comes at a crucial time for the London Stock Exchange, which has struggled to attract new IPOs. In 2024, only three companies debuted on its main market, raising just £778m—a drop of 18% from the previous year. Meanwhile, London has seen an exodus of major firms, with Ashtead shifting its listing to New York and Flutter Entertainment moving its primary listing to the US.

If Verisure proceeds with its IPO in Amsterdam, it would mark another high-profile European listing bypassing London, reinforcing the Dutch exchange’s growing status as a hub for major equity offerings.