Visma AS has added more banks to the syndicate preparing its planned initial public offering (IPO), according to people familiar with the matter, in what could shape up as one of Europe’s largest listings this decade.
The Norwegian tech company, which had already appointed Goldman Sachs, Morgan Stanley and UBS Group to lead the IPO, has now selected at least 11 additional firms to work on the transaction, the people said, requesting anonymity because the discussions are private.
The growing number of advisers underlines the scale and complexity of the prospective offering, which is expected to raise billions of euros, the people said.
Deal team grows as Norwegian software group eyes a debut as early as H1 2026
Additional banks said to be working on the deal include US firms Bank of America and Jefferies Financial Group, alongside European lenders Banco Santander, Barclays and BNP Paribas.
The IPO is expected to move into formal marketing as soon as the first half of 2026, the people said.
Nordic lenders DNB Carnegie Holding AB, Nordea Bank AB, Danske Bank AS and SEB AB have also joined the group, reflecting Visma’s regional base. Dutch banks ABN Amro Bank NV and Rabobank are also expected to participate.
Founded in 1996, Visma sells software to small and medium-sized businesses and reports more than 2 million customers. The company was last valued at €19 billion ($33 billion) in a private transaction in 2023.