London's stock exchange is poised for a significant coup, as Norwegian software behemoth Visma advances plans for a multi-billion-pound public offering, choosing the City as its provisional listing home. This move injects fresh optimism into a market enjoying its most robust year for initial public offerings (IPOs) since 2021.
A Late Surge Revives London's IPO Market
The London Stock Exchange welcomed 11 new flotations in 2025, raising a combined total of £1.9 billion. This figure more than doubles the proceeds raised throughout the entire previous year. The momentum was largely driven by a rush of activity in the final quarter, helping to reverse a prolonged downturn that had characterised much of the past decade for UK listings.
The anticipated flotation of Visma, one of Europe's largest software groups, is now seen as a bellwether for a sustained recovery. Last week, the company significantly expanded the banking syndicate for its long-awaited IPO, adding over a dozen Wall Street, European, and Nordic lenders to a heavyweight advisory roster. This group already includes giants like Goldman Sachs, Morgan Stanley, and UBS.
Visma: A Potential Game-Changer for the City
Founded in Oslo in 1996, Visma provides accounting, payroll, and HR software to more than two million small businesses across Europe, growing aggressively through hundreds of acquisitions. Backed by UK private equity firm Hg Capital for nearly twenty years, the company was last privately valued at approximately €19 billion (£16.59 billion) in 2023.
A London listing for Visma would represent a rare and crucial victory for the UK capital markets, which have struggled to retain and attract high-growth technology firms in recent years. Many companies have opted for listings in New York, Amsterdam, or Stockholm, or have been acquired, leaving London with a thin pipeline of large-scale IPOs.
The UK has been implementing a series of reforms designed to revive its capital markets competitiveness. These include proposals to allow euro-denominated shares into FTSE indices and a potential stamp duty holiday on shares in new listings. Advisers suggest these changes, coupled with London's deep pools of international capital, could give it an edge over European rivals.
Cementing a Narrative of Recovery
For the City, which has just recorded its best year for new listings in four years, securing a tech float valued in excess of €20 billion would be about more than just climbing league tables. It would powerfully reinforce the growing narrative that London's IPO market is awakening from its slumber. The late-year revival of 2025, bolstered by Visma's tentative commitment, may well mark the beginning of a more durable recovery for the UK's financial hub.
Formal marketing for the Visma IPO is pencilled in for the first half of 2026, with Lazard acting as financial adviser to the company on its landmark public debut.
