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Visma, the €19 billion private equity-backed software group, may delay plans for London’s biggest initial public offering in years after a widespread selloff in the sector.
Wisma, owned by British buyout firm HG, is considering a UK listing in the first half of this year, according to people familiar with the matter.
However, it may now push the IPO to late 2026, the people cautioned, adding that no plans have been finalized. He said the earliest the listing could happen is in the second quarter.
A person close to Wisma said this and HG did not want to rush into any decision given the long-term ownership of the private equity firm.
Wisma’s potential listing is being closely watched, as it would be the first major UK IPO in years. The decision to choose London over Amsterdam was a boon for the city.
However, Visma’s plans have been complicated by a selloff of software shares this week over fears about how the rise of AI groups will impact its businesses. The tech-focused Nasdaq fell 1.4 percent on Tuesday and fell by nearly the same amount on Wednesday, with some stocks falling by double digits.
A person familiar with the process said it was a difficult market for Wisma to list, but preparations continued to move forward with a listing when the time was right.
HG has owned Visma, which provides accounting and payroll software to small to medium-sized businesses, since 2006, when it privatized the company at a valuation of around £380mn.
It has repeatedly reinvested in Wisma through its new funds and has redeemed some of its holdings through sales to external backers.
HG owns about 70 percent of Wisma along with its co-investors, while the rest is held by groups including Singapore’s GIC and US private equity group TPG.
Visma had previously considered an IPO in 2023, but instead opted for a private share sale to investors including Jane Street and Altarock, valuing the company at €19 billion.
HG’s deliberations follow a surge in activity for European IPOs following a prolonged post-pandemic recession.
Europe’s IPO market recorded its best start in a year, with ammunition maker Czechoslovak Group (CSG) raising €3.8 billion in late January to pass a key test of market confidence.
Other potential London IPO candidates include bookseller Waterstones, breakdown assistance provider RAC and Hong Kong group CK Hutchison’s retail unit AS Watson and its European telecommunications business.
HG and Wisma declined to comment.
