Cairn Homes raises £294m upon LSE debut

Housebuilder Cairn Homes raised over €400m (£294.4m) in capital as it made its debut on the London Stock Exchange.

The company, the first Irish housebuilder to float on the stock market since McInerney Holdings in 1997, placed 400,000,000 ordinary shares at €1 each and had a total market capitalisation of €429.7m upon admission to the LSE.

The group added it expected to raise approximately €384.9m of net proceeds from the offer and announced a subscription for ordinary shares by members of the board of directors of the firm.

“This is an important day for the Irish homebuilding industry. It has been two decades since the last Irish homebuilding company floated,” said group founder Alan McIntosh.

The successful initial public offering, raising in excess of €400m of new equity capital, is a decisive step for Cairn Homes as we take a new and sustainable approach to building high quality new houses and apartments for our customers.”