According to Bloomberg Business, Norwegian software company Visma AS has added at least 11 new banks to the roster for its planned initial public offering, signaling a massive and complex deal. The IPO, which could be one of Europe’s largest this decade, is now expected to start formal marketing as soon as the first half of 2026. Wall Street giants like Bank of America and Jefferies have joined, alongside a host of European and Nordic lenders including Santander, Barclays, and Nordea. London has been provisionally selected as the listing venue, which would be a major win for the UK’s financial hub. The company, which sells business software to over 2 million SME customers, was last privately valued at a whopping €19 billion in 2023. This move marks a key step in Visma’s return to public markets after two decades under private equity ownership.
The Banking Blitz
Here’s the thing: when you see a company stack its IPO with this many banks, it’s not just about raising capital. It’s a strategic chess move. You’ve got the original global coordinators—Goldman, Morgan Stanley, UBS—handling the heavy lifting. But adding 11 more? That’s about distribution and political cover. Bringing in Nordic banks like DNB Carnegie and SEB ensures local investor buy-in from Visma’s home turf. Throwing in Dutch banks ABN Amro and Rabobank? That’s a nod to a major market where they even sponsor a cycling team. And the Wall Street and pan-European additions are all about ensuring this thing gets sold to every major fund manager from Boston to Berlin. It’s a classic “leave no stone unturned” approach for a deal expected to raise billions of euros. They’re building a syndicate so big that failure is almost not an option.
Why London? Why Now?
The provisional choice of London is fascinating. The City has been desperate for a win like this, especially after losing so many tech listings to New York and Amsterdam. Their recent reforms, like allowing euro-denominated stocks into the FTSE UK indexes, seem to be directly aimed at attracting a company like Visma. A successful mega-IPO there could really shift the narrative. But timing is everything. Targeting the first half of 2026 feels both ambitious and cautious. Ambitious because it’s a huge deal to organize. Cautious because it gives markets more time to (hopefully) stabilize and investor appetite for tech to recover. They’re not rushing into a volatile 2024 or 2025. They’re playing the long game, betting that by 2026, the window for giant software IPOs will be wide open again.
The Visma Machine
Let’s not forget what’s actually going public. Visma isn’t some flashy, unprofitable AI startup. It’s a Nordic software fortress built on serving small and medium-sized businesses with essential, boring, mission-critical software—accounting, payroll, ERP. That’s a resilient, subscription-based model. Over 2 million customers? That’s a massive, sticky footprint. A €19 billion valuation from a recent private transaction sets a high bar, but it also gives public market investors a reference point. The story here is about proven, scaled software profitability, not hyper-growth. In an uncertain market, that might be exactly what investors are looking for. It’s the anti-meme stock.
A Test For European Tech
This IPO is shaping up to be a huge bellwether. Can Europe’s public markets support a homegrown tech giant at this valuation? The sheer number of banks involved suggests the private equity backer, Hg, is pulling out all the stops to make sure the answer is “yes.” A successful debut would be a massive confidence boost for the entire European tech ecosystem, proving that companies can stay and list locally at scale. But it also puts a spotlight on London’s ambitions. If they can land and execute this, it validates their post-Brexit reforms. If it stumbles or the venue changes, it’ll raise more questions. Basically, all eyes are on 2026. The preparations are starting now, and they’re leaving nothing to chance.
