New Delhi, Sept. 17 -- Security firm Verisure Plc announced its plan to raise about €3.1 billion ($3.7 billion) via an initial public offering (IPO) in Stockholm.

The highly anticipated listing could become Europe's largest such deal since Porche AG's blockbuster listing in 2022 which raised more than €9 billion ($10.7 billion), according to Bloomberg data.

The Swiss company specialises in providing professionally monitored smart alarm systems for houses and businesses, said the company website.

The company aims to use the proceeds from the IPO to strengthen its balance sheet and reduce net leverage, according to a statement on Wednesday.

The offering will consist of new shares, with two existing investors, Alba Investment...