London-based software group IFS is targeting a €15bn stock market listing between 2027-2028, aiming to distinguish itself from AI competitors by focusing on manufacturing applications. CEO Mark Moffat views the IPO as inevitable, with IFS specializing in AI-driven route planning and factory "digital twins" for clients like Rolls-Royce and Boston Dynamics.

The company, founded in Sweden and taken private by EQT in 2015, reported annual recurring revenue of €1.7bn in its latest accounts after 25% growth in Q1 2026. IFS maintains a healthy 34% EBITDA margin, positioning itself attractively despite market turbulence following recent geopolitical tensions.

Moffat will evaluate London, Europe and New York listing markets, acknowledging UK exchanges struggle to attract tech flotations. With private equity partners including EQT and Hg Capital, IFS remains prepared for all eventualities, balancing differentiation in AI manufacturing against broader market uncertainty.