Cairn Homes raises over €400m in first Irish homebuilder IPO in 20 years
Published 10/06/2015 | 08:54
Irish home builder Cairn Homes has raised over €400m in equity capital after its successful listing on the London Stock Exchange today.
It has become the first Irish construction firm to be publicly listed since McInerney Holdings almost two decades ago.
The company issued 400m shares, priced at €1 apiece.
The company expects to realise approximately €384.9m of net proceeds from the offer, after deducting the underwriting costs and other fees and expenses of €15.1m. It said that its market capitalisation is €429.7m.
Chief executive Michael Stanley said: "We are extremely grateful to our new shareholders for their strong support. Our successful IPO is a testament to the work of the Cairn team and the confidence of our investors.
"The Cairn business model is unique in Ireland and will enable us to build quality homes in areas of particular need at a time of significant under-supply."