Norwegian software firm Visma has selected London over Amsterdam for its upcoming initial public offering, offering rare momentum for the UK’s struggling capital markets. The IPO, valued at approximately $22.21 billion, is expected in early 2026 and will test whether recent UK government reforms are reviving London's appeal for high-growth technology companies. Sources close to the discussions cited London’s deeper capital markets and a broader investor base for UK equities as key reasons behind the decision. The listing depends on long-promised regulatory changes, including allowing companies listed in euros to be included in the FTSE indices. Visma, which offers accounting, payroll, and HR software across the Nordic, Benelux, and Baltic regions, is majority-owned by UK-based private equity firm Hg, which acquired it in 2006 when it was valued at around $450 million.
The move is seen as a potential turning point for London’s primary market, which saw just three IPOs in 2025, raising less than $127 million. In 2023, 88 firms delisted or moved their primary listings abroad, primarily to New York. At London Tech Week, Bolt CEO Markus Villig questioned the market’s appeal, “Let me look at the IPOs that have happened in the UK over the last five years. How many of them are left?” David Schwimmer, CEO of London Stock Exchange Group (LSEG.L), stated that even with recent changes to the UK’s financial regulations, there is no simple solution to fully reverse the downward trend.
