Private equity-backed veterinary group IVC Evidensia is preparing for a multibillion-pound London IPO that could rank among the UK's largest listings in recent years. The company, majority-owned by Swedish firm EQT, is in early discussions with advisers about a stock market debut likely to occur next year, according to sources familiar with the matter.

The €12bn valued company has nearly doubled its earnings to €698mn since 2021, making it an attractive public offering candidate. IVC is also backed by Silver Lake and Nestlé's Purina PetCare business. A UK listing would provide a significant boost to London's struggling IPO market, which has seen few major debuts recently.

IVC's IPO timing depends on the outcome of a Competition and Markets Authority investigation into veterinary pricing practices. The probe found vet fees rose over 60% in seven years, prompting recommendations for price caps and transparency measures. The company plans unified branding across UK practices to comply with CMA requirements and is preparing a $5.5bn debt extension after previous market volatility forced delays. Sources indicate IVC will accelerate its listing plans once the regulatory review concludes.