13 Oct - Glenveagh’s IPO on Irish Stock Exchange attracts strong international investment
Glenveagh’s IPO on ISE attracts strong international investment
-Glenveagh Properties PLC raises €500m in capital for housing building projects in Ireland
-Glenveagh’s primary listing on the Main Securities Market is second largest IPO on ISE this year
Glenveagh Properties PLC (“Glenveagh”), an Irish homebuilder with a principal focus on the Greater Dublin Area, has raised €500 million through its initial public offering (IPO) on the Main Securities Market (MSM) of the Irish Stock Exchange (ISE). It is the second largest IPO on the ISE this year.
Glenveagh is focused on developing starter, mid-size and executive and high-end homes (both houses and apartments) in the Greater Dublin Area, either for itself or in partnership with third parties.
Glenveagh has taken a primary listing on the ISE and commences trading today with a market capitalisation of €696 million following conditional dealings from 10 – 12 October inclusive.
Speaking at Glenveagh’s opening bell ceremony at the ISE today, Deirdre Somers, ISE Chief Executive, said:
“We are delighted to welcome Glenveagh Properties PLC to the Main Securities Market. Their successful IPO demonstrates the strong interest from international investors in Glenveagh and the Irish economy more generally.
“We congratulate Glenveagh’s executive team on a successful listing and wish them every success in delivering on their ambitious plans and becoming a leading housebuilder in Ireland.”
Justin Bickle, Glenveagh Properties PLC Chief Executive, said:
“Today is a significant milestone as our primary listing on the Irish Stock Exchange has given us the platform to raise funds from a broad range of international investors which will enable us to deliver on our ambitious house building programme.
“The Irish economy needs more houses and apartments and our listing is a key step in making Glenveagh a scale provider of housing that can help to address the supply shortage.
“Our IPO, and the significant capital now available to us, leaves us well placed to meet the construction targets we have set for ourselves.”
The company is the second housebuilder to list on the ISE in 2017 following the admission of Cairn Homes to the MSM in July. Other significant fund raisings on the ISE in 2017 include Allied Irish Banks, which raised €3.4bn in the largest IPO in Europe this year, and Greencoat Renewables, the Irish renewable energy company which raised €270m on its IPO in July.