Private equity giants Advent International and KKR are preparing for a major liquidity event as their portfolio company NIQ Global targets a valuation of up to $7.3bn in its upcoming US IPO, according to a report by Reuters.
The listing suggests that public-market exits for buyout-backed firms are tentatively returning after a muted first half of the year.
NIQ, a global consumer intelligence business carved out of Nielsen Holdings in a $2.7bn deal in 2021, plans to raise up to $1.2bn by offering 50 million shares priced between $20 and $24 on the New York Stock Exchange under the ticker “NIQ.”
The listing would mark one of the largest US IPOs for a PE-backed company so far in 2025, and reflects a broader uptick in exit activity as equity markets rebound and sponsors revisit public listings as a viable monetisation route.
NIQ’s move follows a quiet second quarter for PE exits via IPO, which were dampened by macro volatility and trade uncertainty. But with indexes at all-time highs and investor appetite improving, buyout firms are beginning to test the waters again. Earlier this week, Platinum Equity-backed McGraw Hill also launched its IPO roadshow.
Founded out of Nielsen’s Global Connect unit, NIQ operates across 90 countries and serves more than 23,000 clients, including blue-chip multinationals like Walmart, Coca-Cola, and Sony. The company provides data and analytics to help brands understand and respond to shifting consumer behaviours, competing with firms like Kantar, Circana, and YouGov.
The IPO syndicate includes over 20 banks, led by JP Morgan, BofA Securities, and UBS.
For Advent and KKR, the listing could offer a meaningful step toward exit from a marquee investment – potentially paving the way for secondary offerings or strategic monetisation down the line, depending on market reception.
