Cairn Homes takes primary listing on the Irish Stock Exchange
- "This listing on an EU exchange will provide us with an increased exposure to a wider investor base” – Cairn CEO
- Cairn continues to have standard listing in UK
- Cairn eligible for index inclusion for the first time through the ISEQ
ISE uniquely placed to provide a sustainable platform to access European investors
The Irish Stock Exchange (ISE) welcomes Cairn Homes plc (Cairn) to their primary listing on the Main Securities Market (MSM) following the admission of its shares to trading today. Cairn is utilising the ISE dual listing facility and takes a primary listing on the ISE in addition to its existing standard listing in London.
By taking an ISE listing, Cairn hopes to widen its investor base as the ISE is uniquely placed to provide a sustainable platform from which to access European investors. Cairn is also eligible for index inclusion for the first time and will be included in the ISEQ.
Cairn Homes among top 15 companies listed on the ISE
Cairn is an Irish housebuilder with a land bank of 12,600 units, over 91% of which is located in the Greater Dublin Area (GDA). It is currently active on eight sites in the GDA which will deliver 3,250 units.
Cairn joins the MSM with a market capitalisation of €1.18 billion making it one of the top 15 companies listed on the ISE.
The ISE provides additional liquidity and visibility to Cairn - Aileen O'Donoghue, Director of Strategy, ISE
Aileen O’Donoghue, the ISE’s Director of Strategy, said: “We are delighted that Cairn has chosen to take a primary listing on the ISE. We are clear that the ISE will provide additional liquidity and visibility to Cairn - as well as index inclusion. The experience of UK listed issuers taking a dual listing on ISE markets has been very positive. We wish Cairn every success in the future.”
"This listing on an EU exchange will provide us with an increased exposure to a wider investor base, including Irish retail and European focused investors - Michael Stanley, CEO, Cairn Homes
Cairn Homes, Chief Executive, Michael Stanley said: “Cairn is an Irish company, headquartered in Dublin, and builds new homes exclusively for the Irish market, so we are delighted to now be dual-listed on the Irish Stock Exchange.
“It has always been our intention to list on the Irish Stock Exchange. This listing on an EU exchange will provide us with an increased exposure to a wider investor base, including Irish retail and European focused investors. The Irish Stock Exchange has been very supportive of our application and investor feedback has been very positive since we announced our intention to seek a dual listing earlier this year.”
Cairn Homes' admission follows AIB's IPO on the MSM in June
Cairn’s admission to the MSM follows the admission of Allied Irish Banks plc (AIB) to the MSM in June. AIB was the biggest IPO in Europe in 2017 and market data shows that trading in the company’s shares has been concentrated on the ISE.