Cairn Homes p.l.c., (“Cairn Homes” or the “Company”), an Irish homebuilder has announced its intention to seek a standard listing for its ordinary shares on the Official List of the UK Listing Authority and admission to trading on the main market for listed securities of the London Stock Exchange.
The Company is seeking to raise gross proceeds of approximately €350 million to €400 million, at €1 per share, pursuant to a placing of Ordinary Shares with certain institutional and qualified professional investors in various jurisdictions and, in Ireland only, with certain other investors being clients of Goodbody Stockbrokers. Separately, there will be a subscription for Ordinary Shares principally by members of the board of directors of the Company and an investment of approximately €29 million in equity and cash by the founders of Cairn Homes.
It is expected that conditional dealings in the Ordinary Shares will commence at 8:00am on Wednesday 10th June 2015.
The Company said in a statement that it ‘has a clear strategy to deliver high quality new homes with an emphasis on design, innovation and customer service, in urban areas of Ireland, with a focus on Dublin, the Dublin commuter belt, Galway, Cork and other large cities, where the Directors believe economic trends are supportive of housing demand and pricing.’
“Cairn Homes’ IPO will give our company the platform for a new and sustainable approach to home building in Ireland,” commented its CEO Michael Stanley.
“We are a well-capitalised business, governed by a strong independent board, with an experienced management team committed to constructing the highest quality houses and apartments for our customers,” he added.