Cairn Homes plc has announced that it has raised €400m in its initial public offering on the London Stock Exchange.
The company offered 400,000 ordinary shares at €1 each. The offer shares represent approximately 93.1pc of the company’s share capital.
The company said that on admission it will have a market capitalisation of €429.7m.
It said it expects to raise approximately €384.9m after deductions.
“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,” said the company’s co-founder and CEO, Michael Stanley.
“This is an important day for the Irish homebuilding industry,” said co-founder and executive director, Alan McIntosh. “It has been two decades since the last Irish homebuilding company floated.”