Home Money CVC to list shares in Amsterdam… as UK commodities broker heads to New York

CVC to list shares in Amsterdam… as UK commodities broker heads to New York

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Going Dutch: Private equity giant CVC Capital Partners has revived its plans to list on the Amsterdam stock exchange (pictured)

CVC has revived its plans to list in Amsterdam in a deal worth up to £13bn, in a further setback for London.

The private equity giant abandoned an initial public offering (IPO) in 2022 and again in 2023 due to market uncertainty.

But despite the ongoing conflict in the Middle East, sources say the buying company is confident the listing will go ahead.

The move makes CVC the latest major company to bypass the London stock market.

It comes after a blow when Cambridge-based chipmaker Arm floated in New York last year.

Going Dutch: Private equity giant CVC Capital Partners has revived its plans to list on the Amsterdam stock exchange (pictured)

And yesterday, in a further setback, British commodities broker Marex was valued at £1.2bn when it launched its listing on the New York Stock Exchange.

Luxembourg-based CVC owns stakes in watch brand Breitling, Authentic Brands, owner of fashion brand Forever 21, Six Nations Rugby and insurance and casualty group RAC.

CVC announced yesterday that it will sell new and existing shares to investors as it seeks to raise around £220m. The move looks set to value it at up to £13bn.

Three long-standing shareholders – Danube, which is owned by Singapore’s sovereign wealth fund, the Kuwait Investment Authority and Hong Kong’s Stratosphere – are planning to sell some of their shares.

Meanwhile, New York’s Blue Owl Capital – one of CVC’s largest investors with an 8 percent stake – has indicated it will increase its stake.

CVC CEO Rob Lucas said: “We believe that a CVC IPO provides a durable, long-term institutional structure to support further growth, we remain fully focused on CVC’s continued success and neither I nor any of my active partners we are selling shares as part of this transaction.’

Recent European listings include Dusseldorf-based perfume brand Douglas, which was owned by CVC, Swiss skincare firm Galderma and German defense contractor Renk in the first quarter of this year.

In the City, the IPO market has begun to recover after falling to a record low last year.

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The city is not ‘stuck in the mud’

Newly listed London companies have achieved double-digit returns this year.

It’s a sign that the stock market isn’t “stuck in the mud,” says Dan Coatsworth of investment platform AJ Bell.

All five stocks listed in 2024 have outperformed the UK benchmark since early January. Shares of low-sodium salt maker MicroSalt have soared 62 percent since its initial public offering (IPO) in February.

Shares of small-cap miner European Green Transition are up 24 percent after listing a week ago.

Shares of helium explorer Helix Exploration have risen 9.9 percent since its IPO earlier this month.

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