Fergal Mullen

Opinion

July 25, 2025

IPOs are not an act of patriotism

It's time to stop chastising European founders who choose to list in the US

Fergal Mullen

5 min read

More than 30 years ago, tech CEO Bernard Liautaud decided to list his company BusinessObjects on the Nasdaq, becoming the first European tech company to do so. That decision was visionary, recognising that Europe lacked the infrastructure to support a high-growth software IPO. It was also a red flag to Europe’s public markets that something was amiss. 

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Fergal Mullen

Fergal Mullen is cofounder and partner at VC firm Highland Europe

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