Picture this: Europe's software powerhouse, Visma, is on the verge of a game-changing €20 billion move to the London Stock Exchange – but the drama is building as other cities vie for the spotlight. Could this be the boost London desperately needs, or will it slip away at the last second?
At the heart of this buzz is Visma, a Norwegian software leader that's been a darling of investors for nearly 20 years, thanks to backing from the UK private equity firm Hg Capital. They're now reaching out to a heavyweight from the City of London – none other than Sir Ron Kalifa – to step in as chairperson should their massive initial public offering (IPO), essentially the company's debut on the stock market, happen in London come spring. For those new to this, an IPO is like a company's big coming-out party where it sells shares to the public for the first time, raising funds and gaining visibility.
Sir Ron, who once helmed the payments giant Worldpay and served on the Bank of England's board, stands out as the top pick after a series of recent chats, according to sources familiar with the talks. But hold on – it's not a done deal. Insiders are whispering that London isn't guaranteed to snag this prize. Why? Well, Stockholm is stepping up as a serious contender. Visma already has strong name recognition in the Nordic region, and Sweden's stock exchange just pulled off a stellar €13.7 billion IPO for Verisure, a security services firm, where shares jumped 25% right out of the gate (check out the details here: https://www.reuters.com/business/finance/verisure-sets-ipo-price-1325-euros-per-share-2025-10-08/). That's the kind of success story that makes you think twice about where to list.
And here's where it gets controversial: London's been starving for blockbuster IPOs like this in recent years, with a noticeable drought that some blame on post-Brexit jitters or regulatory hurdles (for more on the IPO landscape, see: https://www.theguardian.com/business/ipos). Without those big wins, attracting firms like Visma feels riskier. Whether Kalifa joins the board might hinge on London winning the bid – otherwise, Visma's current executive chair, Øystein Moan, who led as CEO from 1997 to 2020, could stick around in his spot.
Right now, the Oslo-headquartered Visma is in the early stages, holding informal chats with major fund managers to test the waters on share demand, preferred listing spots, and even board governance – think of it as market research to see what investors crave. They're getting top-tier advice from investment banks like Goldman Sachs, Morgan Stanley, and UBS.
Back in the summer, reports suggested London had triumphed over Amsterdam to host this listing, hailed as a major victory that could mark the largest London debut in ages (more on that: https://www.theguardian.com/business/2025/jun/26/norways-19bn-software-company-visma-picks-london-for-ipo). Losing out to Stockholm at this stage? That would sting – big time. As one insider put it, 'There are multiple paths this could take, and nothing's set in stone yet.'
Bringing in Kalifa could be a game-changer for London's pitch. His track record speaks volumes: He ran Worldpay as CEO for over a decade, steering it through explosive growth. Post-financial crisis, it broke free from the Royal Bank of Scotland, eventually becoming a standalone FTSE 100 powerhouse before a £9.3 billion sale to U.S. rival Vantiv in 2017 (details here: https://www.theguardian.com/business/2017/aug/09/us-firm-vantiv-to-buy-british-rival-worldpay-for-93bn). Imagine the credibility he brings – it's like having a battle-tested captain at the helm.
On a personal note, a London listing would be a sweet victory for Kalifa. In 2021, he penned an influential government report on supercharging the UK's fintech scene – that's financial technology, blending finance with cutting-edge tech like apps and blockchain. He pushed for ways to lure investments and startups, specifically urging them to pick London as their home base. For beginners, fintech is transforming how we bank and pay, from mobile apps to secure online transactions, and Kalifa's vision was all about making the UK a global hub.
Now, Visma isn't strictly a tech pure-play, but they're betting big on AI – artificial intelligence – to streamline and automate tricky business tasks in the coming years. Think AI-powered tools that handle everything from crunching numbers to predicting trends, making operations smoother for companies worldwide.
This powerhouse serves up accounting, payroll, and HR software to a whopping 2.2 million customers. With 17,500 employees, they proudly call themselves the top provider outside North America for essential, can't-do-without business software that keeps companies running like clockwork.
But this is the part most people miss: In a world where stock exchanges are battling for relevance, does London's heritage and global reach outweigh Stockholm's regional pull and recent hot streak? Or is it time for Europe to rethink where the next big listings should land? What do you think – should Visma go for the bright lights of London, or play it safe in Scandinavia? Drop your thoughts in the comments; I'd love to hear if you're rooting for one side or the other!
