LONDON (Alliance News) - Cairn Homes PLC Wednesday priced its initial public offering as it raised EUR384.9 million after underwriting costs and other fees paid in connection with going public.
The Irish homebuilder priced its IPO of 400 million shares at EUR1 per share. The 400 million shares are equivalent to a 93.1% stake in the company, excluding 40.0 million further shares that could be issued under an over-allotment option granted to stabilising manager Credit Suisse Securities (Europe) Ltd. The company will be valued at EUR429.7 million on admission to the main market of the London Stock Exchange.
"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," Michael Stanley, co-founder and chief executive, said in a statement.
Unconditional dealings in the company's shares are expected to begin on Monday next week.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Cairn Homes (CRN)