Saturday 23 February 2019

Glenveagh Properties confirms IPO completion with €550m raised

Glenveagh Properties COO Stephen Garvey and CEO Justin Bickle, the MD of Oaktree.
Glenveagh Properties COO Stephen Garvey and CEO Justin Bickle, the MD of Oaktree.
Ellie Donnelly

Ellie Donnelly

Irish housebuilder Glenveagh Properties has confirmed that its initial public offering (IPO) has been completed with a total of €550m raised.

On admission to the stock exchange today the total market capitalisation of the company at €1.00 per ordinary share will be €617m.

Conditional dealings in the ordinary shares will commence on the Irish Stock Exchange and the London Stock Exchange this morning from 8am, and Credit Suisse and Davy are acting as joint global coordinators of the shares.

The €550m raised will fund housebuilding and the business will combine US distressed debt investor Oaktree's development sites, with scope to produce 1700 homes, with the operations of Maynooth-based housebuilder Bridgedale.

"The level of international support for this IPO is a huge endorsement not just for Glenveagh but for the broader Irish economy.

International investors are very tuned in to the Irish story and they have demonstrated a huge appetite to invest in ambitious, well-structured companies who can respond to the current housing shortage," John Mulcahy, chairman of Glenveagh, said.

The fundraising is the second-biggest Irish IPO since the crash - after June's €3.5bn AIB deal.

The listing will make Glenveagh, which concentrates on the Greater Dublin area, the second Irish housebuilder to list shares, after Cairn Homes' €400m IPO last year.

Glenveagh said it will build 1,000 new units by 2020, and plans to deliver 2,000 units a year once it is in full swing.

As well as its own sites, Glenveagh will contract build for public sector and private landlords.


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