BREAKING NEWS

BREAKING NEWS

Irish housebuilder Glenveagh says IPO set to raise 550 million euros

Now Reading:

Irish housebuilder Glenveagh says IPO set to raise 550 million euros

Text size Aa Aa

DUBLIN (Reuters) – Irish homebuilder Glenveagh Properties <GLV.I> on Friday said it was set to raise 550 million euros (£491.44 million) in Ireland’s second-largest initial public offering since the 2008 financial crisis amid a housing crisis in Europe’s fastest growing economy. Glenveagh said it had raised 500 million euros and expected to raise another 50 million assuming the full exercise of an over-allotment option. Its shares will commence trading on the Dublin and London stock exchange this morning. Glenveagh is just the second Irish housebuilder to float since the economy began to turn around, following Cairn Homes <CRN.L> in 2015. Cairn’s share price has almost doubled since then as the value of its portfolio grew sharply. While Ireland was left with a surplus of houses after values were cut in half following the property crash a decade ago, a recovery in the construction sector has badly lagged the general economy, causing house prices and rents to rise sharply again.

(Reporting by Conor Humphries, editing by Louise Heavens)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.