Europe’s industrial heartlands lack big, exciting tech stock-market listings. Elsewhere they sometimes flop, and sometimes deliver a juicy pop. Into the gap steps TeamViewer of Göppingen near Stuttgart in southern Germany. Its software connects computers and users remotely. Private equity owner Permira plans to float up to 40% of the business in Frankfurt by the end of 2019.

TeamViewer would reportedly be valued at up to €5bn, raising perhaps as much as €2bn for Permira. That would rank it among the top 10 European tech initial public offerings (IPOs) over the past decade, according to Dealogic. Yet the numbers do not look ambitious.

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