The London Stock Exchange finds itself in a fierce competition with its Stockholm counterpart to secure what would be its most significant listing in years: the potential €20 billion flotation of Norwegian software powerhouse Visma.
The High-Stakes Contest for a Tech Titan
Visma, one of Europe's largest software companies, has initiated early discussions with major fund managers to assess investor appetite for its shares and gauge preferences regarding listing venue and corporate governance. The Oslo-based firm, which provides accounting, payroll and HR software to 2.2 million customers globally, is being advised by investment banking giants Goldman Sachs, Morgan Stanley and UBS.
In a move that could strengthen London's bid, Visma has approached Sir Ron Kalifa, the former Worldpay chief executive and current Bank of England director, to become its chair should it choose the London route. Sir Ron, who authored a landmark 2021 report on boosting the UK's fintech sector, brings considerable prestige and experience, having guided Worldpay through its transformation into a FTSE 100 company before its £9.3 billion acquisition by Vantiv.
Stockholm Emerges as Formidable Rival
Despite London being reported as the frontrunner during summer discussions, Stockholm has emerged as a serious competitor for several compelling reasons. The Swedish exchange recently hosted the successful €13.7 billion flotation of security services group Verisure, whose shares surged 25% on their debut, demonstrating strong regional investor appetite.
Sources close to the negotiations caution that nothing has been finalized, with one insider noting, "There are different routes this could go down and nothing is yet decided." The absence of similarly sized IPOs in London in recent years is seen as a potential risk factor, while Visma's stronger brand recognition in Scandinavian markets gives Stockholm a natural advantage.
What's at Stake for London's Financial Hub
A successful London listing for Visma would represent a major victory for the UK's financial centre, particularly following Sir Ron Kalifa's efforts to attract prominent technology and software companies. The Norwegian company, which has been backed by UK-based private equity firm Hg Capital for nearly two decades, views the development of AI products to automate complex processes as crucial to its future growth.
However, an eleventh-hour loss to Stockholm would be regarded as a significant setback for London's ambitions. The potential recruitment of Sir Ron Kalifa may prove instrumental in tipping the balance, though his appointment is understood to be contingent on London being selected as the listing venue.
With 17,500 employees and describing itself as the leading provider of mission-critical business software outside North America, Visma's decision is being closely watched as a barometer of London's continuing appeal for major international listings against growing European competition.
