Private equity giant Hg is preparing to take portfolio company Visma public in London in early 2026, marking one of the UK’s most significant tech IPOs in years.

The €19bn listing could provide a much-needed boost to the London Stock Exchange, which has struggled to attract new listings amid a wave of corporate exits.

Visma, which delivers accounting and payroll software to SMEs across Europe, has been backed by Hg since 2006. The firm, along with its co-investors, now owns roughly 70% of the business. Additional minority shareholders include Singapore’s GIC and US-based TPG.

The company had previously considered a public listing in 2023 but opted instead for a private stake sale to investors including Jane Street and Altaroc. However, Visma’s growing size – driven by more than 350 bolt-on acquisitions and €2.8bn in annual revenue – has made it increasingly difficult to keep the business fully private, according to people familiar with the matter.

London beat out Amsterdam as the preferred listing venue due to its deeper capital markets and a broader pool of UK-focused institutional investors. Nevertheless, the listing remains provisional and will depend on whether UK authorities and the LSE deliver key reforms, including the eligibility of euro-denominated shares for FTSE index inclusion.

Hg is expected to retain a significant long-term stake post-IPO, with banks set to pitch for roles on the listing this week. Neither Visma nor Hg have commented publicly on the matter.

The IPO would mark a rare win for London’s struggling equity markets. Last year, 88 companies delisted or shifted their primary listings away from the LSE, while only 18 new entrants joined the main market.

Source: Financial Times

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