Belron, the world's largest vehicle glass repair and replacement company, known for brands like Autoglass, Carglass, and Safelite, is reportedly exploring an initial public offering (IPO) in Amsterdam. The company, majority-owned by Belgian conglomerate D'Ieteren, is targeting a valuation ranging from €30 billion to €40 billion, which would position it as one of Europe's most significant IPOs in recent history.
While Amsterdam is the favored location, a New York listing was also considered, though no final decision has been made, and the transaction could extend into 2027. D'Ieteren currently holds a 50.3% stake in Belron and is not expected to offload a majority of its holding. Private equity group Clayton Dubilier & Rice (CD&R) owns 20.4%, having acquired a 40% stake in 2018 for a €3 billion valuation, which then rolled into a continuation vehicle in 2021 at €21 billion. Other investors include Hellman & Friedman, Singapore's GIC, BlackRock, and management, alongside former CEO Gary Lubner, who holds 9.6% via his Atessa vehicle.
Belron was last valued privately at €32 billion, including €8 billion of debt. In 2025, the company's operating profits increased by 10% to €1.26 billion. The potential IPO would represent a significant vote of confidence in European equity markets, countering the trend of mega-tech listings in the US. The move would also highlight the substantial value creation achieved under private ownership, with Belron's implied value having grown approximately tenfold since CD&R's initial investment in 2018. The timing remains uncertain, with no banks yet appointed for underwriting.
