A Roscommon-based environmental software company will next week become the first business to list on Euronext Dublin’s “springboard” market for small enterprises.
Senus, previously known as FarmEye, will begin trading on the exchange’s new Euronext Access market on Monday with an initial market value of €13.1 million, it said in a statement on Thursday. Its admission price per share has been set at almost €5.13.
The company was founded by managing director Bernard Allen, Eoghan Finneran and Joe Desbonnet in 2017.
Its proprietary so-called natural capital software is used to transform complex environmental data – spanning soil, air and water to habitats – into actionable sustainability plans for Governments, companies, farmers and landowners.
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Senus is currently providing its solutions to clients in Ireland, increasingly in the UK, and has an initial presence in mainland Europe. For the financial year to the end of June, Senus recorded revenue of €836,991, serving 138 customer accounts.
The company has completed a private share placement, raising €1.1 million, in advance of the listing. Senus acquired a UK-based geospatial intelligence company called Loamin last month, which it described as a “highly complementary firm” with which it has partnered since 2022.
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“The Euronext Access market provides an ideal stepping stone for Senus to execute the next phase of our growth, leveraging our standing as a public company to build our profile and access capital to provide more enterprises with Senus’s natural capital management technology and software solutions,” said Gerry Keenan, chairman of Senus.
Euronext, the pan-European stock market operator and owner of the Irish exchange, already operates Euronext Access markets in Paris, Brussels and Lisbon. Executives in Euronext Dublin completed development work on such a market in Ireland earlier this year.
Euronext Access markets are designed especially for start-ups and small companies that wish to join a stock exchange to finance growth and gain the reputational advantages of listing but do not meet the criteria for admission to main or even junior Euronext Growth markets.
The hope is that some companies joining a Euronext Access market could ultimately uplist to Euronext Growth or, in time, the main market.
Rather than offering continuous trading in listed companies when the stock market is open – as with businesses listed on the junior or main market – Euronext Access markets hold two actions a day, at midday and the end of a session.
Only three companies have floated in Dublin in the past six years. In that time, a number of companies have exited the market through take-private deals and decisions by former Iseq heavyweights CRH, Flutter Entertainment and Smurfit Westrock to ditch their Irish listings and move their main quotations to New York.
Senus said that its listing will give the company an additional stock-based currency with which to make acquisitions of companies or complementary products, technologies, and distribution channels.
“With eight years of R&D (research and development) and projects delivered Senus’s natural capital solutions are solving acute problems for our growing customer base on the ground every day,” said Mr Allen.
“The Senus team is ideally positioned to pursue a significant emerging market opportunity, bringing the capabilities of our proprietary natural capital management software and technology solutions to a much broader international audience.”
