The first Irish housebuilder to list in London for over two decades made its debut yesterday, with shares rising over five per cent.
Cairn Homes, a venture set up last year by Alan McIntosh and Michael Stanley, raised €384.9m (£280m) from investors after fees, giving it a market cap of €429.7m.
Separately, McIntosh and Stanley have invested €29m into the company, which aims to tackle Ireland’s housing shortage.
Credit Suisse and Goodbody Stockbrokers were joint global co-ordinators on the float.
“We are extremely grateful to our new shareholders for their strong support,” Stanley said.
“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.”
Shares in the firm rose 5.5 per cent from €1 each to €1.06.
McIntosh, who founded private equity group Sun Capital and co-founded the forerunner to Phoenix Group, Pearl Group, set the company up last year with Stanley.