Hg Capital plans to take Visma public in London early 2026 in a €19 billion IPO, aiming to bolster the London Stock Exchange amid a challenging IPO market and mark a major milestone for the European software sector.
Private equity firm Hg is gearing up for what could become one of the most significant technology IPOs in recent UK history by preparing to take Visma public in London in early 2026. Valued at approximately €19 billion, the IPO is anticipated to provide a much-needed boost to the London Stock Exchange, which has faced challenges in attracting new listings amid a wave of companies delisting or moving their primary listings elsewhere. Last year alone, 88 firms delisted from the LSE, while only 18 new companies joined the main market, underscoring the importance of a major tech listing like Visma’s.
Visma, a provider of cloud-based accounting, payroll, invoicing, and HR software tailored mainly for small and medium-sized enterprises (SMEs) across Europe, has been under Hg’s ownership since 2006. Over this time, Hg and its co-investors—who collectively own about 70% of the company—have overseen vast expansion through more than 350 bolt-on acquisitions. The firm now generates annual revenues of nearly €2.8 billion and employs around 16,000 people. Besides Hg, notable minority shareholders include Singapore’s sovereign wealth fund GIC and US-based TPG, reflecting a strong institutional backing from globally reputable investors.
While Visma initially contemplated an IPO in 2023, it instead opted for a private share sale to investors such as Jane Street and Altaroc, a move that helped to broaden its shareholder base without going public. The rationale for revisiting the public markets now is rooted in Visma’s considerable growth and scale, which have made sustaining full privacy increasingly complex. Market conditions appear more favourable in 2026, with a recovering IPO environment in Europe and robust financial performance from Visma, including a 17% increase in third-quarter revenues to €694 million and a 26% rise in EBITDA to €256 million.
London ultimately emerged as Visma’s preferred listing venue over Amsterdam and Oslo due to the capital market’s deeper liquidity and a broader base of UK-focused institutional investors. However, the listing still hinges on regulatory reforms in the UK, particularly around the eligibility of euro-denominated shares for inclusion in FTSE indices. Such a reform would facilitate broader investor participation and enhance the attractiveness of Visma’s shares on the LSE. Hg is expected to retain a significant stake in Visma post-IPO, signalling a continued long-term commitment.
Hg’s investment journey with Visma has been notable for its scale and duration. The firm initially acquired Visma in 2006 for around $500 million, and since then, the company has grown remarkably to a valuation of approximately €19 billion. Several major transactions occurred along the way, including a landmark European software buyout valued at $5.3 billion, led by Hg, and further majority investments culminating in Visma being regarded as the largest software buyout globally. Other prestigious institutional investors such as Warburg Pincus, CPPIB, and General Atlantic have also joined Hg in backing Visma at various stages, helping to propel its growth trajectory.
Despite the positive outlook surrounding the IPO, Hg and Visma have kept a measured public stance, with no official comments on the listing plans as banks prepare pitches for their roles in the process. The potential flotation represents not just a milestone for Visma but also a litmus test for London’s tech equity market revival, which has struggled to reclaim past vibrancy amid shifting corporate listings and economic uncertainties.
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Source: Noah Wire Services
Verification / Sources
- https://pe-insights.com/hg-backed-visma-targets-blockbuster-ipo-in-london-in-e19bn-tech-listing/ – Please view link – unable to able to access data
- https://www.ft.com/content/74a6b766-2050-4b42-b336-9733be835c0b – Hg, a private equity firm, is considering an initial public offering (IPO) for Visma, a €19bn software company it has owned since 2006. Visma provides accounting and payroll software to SMEs and has grown substantially, with nearly 16,000 employees and €2.4bn in annual revenue. The IPO could occur as soon as 2026, with potential listings in London, Amsterdam, or Oslo. Previously, Visma considered an IPO in 2023 but opted for a private share sale instead. Hg and its co-investors currently own about 70% of Visma, with other shareholders including GIC and TPG. The discussions follow Visma’s strong financial performance, including a 17% rise in third-quarter revenues to €694mn and a 26% increase in EBITDA to €256mn. An IPO would mark Visma’s return to public markets and could be one of Europe’s largest recent IPOs amidst a recovering market.
- https://www.ft.com/content/f1ca842d-4273-4367-8b3a-b49c70f685b9 – Hg’s long-term investment in Visma, acquired in 2006 for $500 million, has grown to a €19 billion valuation. Hg is contemplating an IPO for Visma, possibly in London, Amsterdam, or Oslo, marking a significant European technology listing. Additionally, James Fishback is launching an “anti-woke” ETF targeting companies like Starbucks, excluding those with DEI policies. Lastly, the US banking sector is poised for consolidation as regulatory dynamics shift, benefiting small and mid-sized banks. Eldridge Industries and Citigroup are making notable organizational changes, while HSBC sees leadership adjustments.
- https://hgcapital.com/insights/hg-leads-further-majority-investment-in-visma-valued-at-ususd12-2-billion-in – Hg led a further majority investment in Visma, valuing the company at US$12.2 billion, making it the world’s largest ever software buyout. Hg Saturn 2 Fund acquired a stake from Montagu and other investors, with new investors Warburg Pincus and TPG also investing for the first time. Existing investor CPPIB increased its stake. Following the transaction, Hg continued to own a majority (c.54%) stake in Visma, with co-investors GIC, ICG, CPPIB, Warburg Pincus, TPG, General Atlantic, and management.
- https://hgcapital.com/insights/hg-leads-usd5-3bn-buyout-of-visma – Hg led a $5.3 billion buyout of Visma, the largest ever European software buyout, valuing the total business at an enterprise value of NOK45 billion (£4.2 billion, US$5.3 billion). Hg represented 41% of the equity, alongside GIC, Singapore’s sovereign wealth fund, Montagu, and ICG, who held minority stakes. Following this transaction, KKR realized its entire stake in the business, with Cinven separately retaining a shareholding of approximately 17% in Visma. GIC, Montagu, and ICG committed direct capital to the business, demonstrating Visma’s ability to attract world-class institutional investor support.
- https://hgcapital.com/insights/visma-attracts-new-nordic-and-international-investors-as-part-of-a-strategic – Visma expanded its shareholder base through a secondary sale to leading institutional investors, including Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC, valuing Visma at €16 billion (~NOK 165 billion). Following the transaction, Hg continued to own a majority stake in Visma, alongside co-investors GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, Visma management, and the new investors.
- https://en.wikipedia.org/wiki/Visma – Visma is a privately held company headquartered in Oslo, Norway, providing cloud accounting, payroll, invoicing, and HR business software products. The majority of the company is owned by HgCapital, a private equity firm. Founded in 1996 through the merging of Multisoft, SpecTec, and Dovre Information Systems, Visma operates across Europe and Latin America, serving small and medium-sized businesses, public entities, and ecosystems. As of 2023, Visma reported revenue of €2.392 billion and employed 15,107 people.
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