independent

Monday 21 April 2014

Stock Exchange welcomes Government plans to help float Irish companies

Deirdre Somers, chief executive of the Irish stock Exchange
Deirdre Somers, chief executive of the Irish stock Exchange

THE Irish Stock Exchange has welcomed government plans to develop proposals to help Irish companies float on the Dublin market.

Under the latest Action Plan for Jobs, the government will look at ways for companies to build scale by going down the IPO route instead of selling themselves or trying to raise funds on the debt markets.

ISE chief executive Deirdre Somers said the new initiative will be an essential step in identifying the challenges facing mid-size companies and creating the next generation of heavyweight Irish publicly-quoted companies.

“Ireland needs more success stories such as Ryanair, Kerry Group and Paddy Power – high-quality, scalable businesses that can create jobs and help Ireland recover. This new initiative will help Ireland to address the IPO challenge,” she said.

“Scale matters. Over 90pc of employment growth in companies takes place post-IPO. We applaud successful indigenous companies when they conclude a trade sale to a foreign buyer - but there is much more to be gained for the Irish economy if some of these companies can become leading publicly-quoted companies in their own right”.

Ms Somers, who has been calling for Government action on this issue for some time, said she looked forward to making a positive contribution to support the initiative.

“Until now, there has been a common view that almost every Irish high-potential company will be sold to a trade buyer – but that must change. There will be clear benefits to the Irish economy if we can implement specific measures that will support more Irish companies in their efforts to achieve scale.

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