The London Stock Exchange finds itself in a high-stakes competition with Stockholm to secure what could be its most significant listing in years, as Norwegian software powerhouse Visma contemplates a €20 billion float next spring.
The Chairmanship Question
In a move that could strengthen London's bid, Visma has approached prominent City figure Sir Ron Kalifa to become its chairman should it choose the UK capital for its blockbuster initial public offering. Sir Ron, the former Worldpay chief executive and current Bank of England director, has emerged as the leading candidate following recent interview rounds.
However, sources close to the negotiations caution that London's victory is far from assured. Stockholm has emerged as a formidable rival, partly because Visma enjoys stronger brand recognition in Scandinavian markets and following the Swedish exchange's successful hosting of security services group Verisure's €13.7 billion flotation last month.
London's Listing Challenges
The absence of similarly sized IPOs in London in recent years presents a genuine concern for Visma's decision-makers. The Norwegian company, which has been backed by UK-based private equity firm Hg Capital for nearly two decades, is currently conducting "early look" meetings with major fund managers to assess investor appetite and preferences regarding listing venue and governance structure.
Investment banking heavyweights Goldman Sachs, Morgan Stanley and UBS are advising Visma on the potential listing. The Oslo-based software group specialises in accounting, payroll and HR solutions for 2.2 million customers worldwide and employs 17,500 people, positioning itself as the leading provider of mission-critical business software outside North America.
The Kalifa Factor
Sir Ron Kalifa's potential involvement could prove crucial to London's case. The seasoned executive led Worldpay through a period of remarkable growth, steering it from its post-financial crisis buyout from Royal Bank of Scotland to its re-emergence as a FTSE 100 company, before its eventual £9.3 billion acquisition by US rival Vantiv in 2017.
A London listing would also represent a personal achievement for Kalifa, who authored a influential 2021 government report on boosting the UK's fintech sector and attracting new companies to list in London. While Visma isn't purely a technology company, it views developing AI products to streamline complex processes as critical to its future growth strategy.
Current executive chair Øystein Moan, who served as Visma's chief executive from 1997 to 2020, might yet retain his position if Stockholm is chosen. The final decision remains uncertain, with one source noting: "There are different routes this could go down and nothing is yet decided."
London had initially appeared to secure the listing over Amsterdam during summer discussions, making any eleventh-hour loss to Stockholm particularly disappointing for the UK's financial hub.
