Belron Group SCA, the parent company of automotive glass repair brands Autoglass, Carglass, and Safelite, is reportedly engaging investment banks for a potential initial public offering (IPO) on Euronext Amsterdam. This listing could value the company between €30 billion and €40 billion, making it one of Europe's largest IPOs in recent years. While a New York listing was also considered, Amsterdam is the favored venue. The move is seen as a significant vote of confidence in European equity markets, especially given a year dominated by mega-tech listings in the US.
The current majority owner, Belgian conglomerate D'Ieteren, holds a 50.3% stake and is not expected to divest the majority of its holding, providing a stable anchor investor for the float. Private equity firm Clayton Dubilier & Rice (CD&R) owns 20.4%, having acquired a 40% stake in 2018 at a €3 billion valuation. Other investors include Hellman & Friedman, Singapore's GIC, BlackRock, and management, including former CEO Gary Lubner, who holds 9.6% via his Atessa vehicle.
Belron, led by former AB InBev CEO Carlos Brito, had operating profits of €1.26 billion in 2025, a 10% increase. The company's last private valuation was €32 billion, which included €8 billion of debt. Although no banks have been formally appointed yet, and the timing could shift into 2027, the IPO represents a potential turning point for European new issuance, aiming to create a liquid mid-cap champion in insurance-driven services. The decision to list in Amsterdam over New York or Brussels highlights Amsterdam's stronger track record for large-cap listings and deeper liquidity compared to its Belgian counterpart.
