Car windscreen repair group Belron — owner of Autoglass in the UK, Carglass in Europe and Safelite in the US — is targeting an Amsterdam IPO at a valuation of €30bn to €40bn, in what would be one of Europe's largest listings in years. Led by former AB InBev boss Carlos Brito, the group has chosen Amsterdam over New York after discussing both venues.

Majority owner is Belgian conglomerate D'Ieteren (50.3% stake, also behind notebook maker Moleskine), which is not expected to offload the majority of its holding. Private equity group Clayton Dubilier & Rice owns 20.4%: it acquired a 40% stake in 2018 at a €3bn valuation, then partially rolled into a continuation vehicle (a special fund structure that lets PE firms keep a winning asset longer) in 2021 at €21bn. Other investors include Hellman & Friedman, Singapore's GIC, BlackRock, and management plus former CEO Gary Lubner (9.6% via his Atessa vehicle, also the UK Labour Party's largest donor). Belron was last valued at €32bn including €8bn of debt.

Operating profits rose 10% to €1.26bn in 2025. The listing would revive a sluggish European IPO market that has lagged the US, where mega-tech listings dominate this year. No banks have been appointed, and timing could slip into 2027. In 2024 Belron carried out one of the largest debt-funded dividend recaps in private-equity history. Source: Financial Times, 16 April 2026, Ivan Levingston, Ashley Armstrong and Arash Massoudi.