Europe’s best-known private equity firm has spent years preparing for its initial public offering and was hesitating even before finally announcing it 30 minutes after Monday’s stock-market open. The decision by CVC Capital Partners to test investor appetite despite rising geopolitical tension nevertheless makes sense — even if the firm risks being a price-taker when it comes to valuation.

CVC was carved out of Citigroup Inc. in 1993. It has stayed private despite arguably having greater global recognition than its main European rival, Sweden’s EQT AB. Pioneering transactions in motor racing and rugby have helped boost its profile.