Irish homebuilder Cairn to float on London Stock Exchange

Irish housebuilder Cairn Homes has confirmed plans to float on the London Stock Exchange.

The company said it is seeking to raise between €350 million to €400 million, at €1 per share.

Separately, there will be a subscription for ordinary shares principally by members of the board of directors of the firm and an investment of approximately €29 million in equity and cash by the company’s founders.

Cairn Homes was set up last year and is chaired by former KBC Bank Ireland boss John Reynolds. It was founded by Scottish accountant Alan McIntosh and Michael Stanley, the company's chief executive.

“The Irish economic backdrop continues to improve underlined by the fact that Ireland has the joint highest GDP growth forecast in the European Union. These strong macro-economic conditions, together with a population that is forecast to increase to five million by 2031, will underpin a strong demand for homes over the coming years. We believe that this is a unique opportunity for our Company, our customers, potential investors and the sector,” said Mr Reynolds.

The homebuilder said it is currently working on a number of developments in Dublin, Galway , Cork and Co Meath.

“The company 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,” the company said in a statement.