Europe’s largest private equity group CVC is expected to announce its intention to debut on the Amsterdam bourse as early as next week, despite ongoing geopolitical uncertainty.
According to a report by Reuters, the initial public offering could fetch as much as €1 billion or more, making it the largest listing in Europe this year.
The Financial Times reported separately on Thursday that the buyout firm, which has approximately €161 billion of assets under management, plans to sell shares in a vehicle that will hold management fees and part of its carried interest, the gains from profitable exits.
The timing of the IPO is not yet finalised and could be impacted by the conflict in the Middle East, that report said, citing people familiar with the matter.
The move would allow CVC’s shareholders, including sovereign wealth funds and US-based asset managers, to sell down their stakes.
Based on a private transaction in 2021, CVC has an implied valuation of about €15 billion.
The asset manager is expected to offer a volume of shares just above the minimum number required by Dutch rules governing the Amsterdam Euronext and could start trading as early as next month, the FT reported.
CVC broke industry records earlier this year, raising €26 billion for leveraged buyouts in July.
The buyout firm has diversified into private credit and other asset classes in recent years, and could further follow in the footsteps of Blackstone, KKR and Apollo Global Management (NYSE:APO), which floated shares more than a decade ago.