ISE ‘too small for IPO’, says chief executive

IRISH Stock Exchange (ISE) chief executive Tom Healy said yesterday that the Dublin market was too small for an initial public offering, adding that it was in no hurry to consolidate.

“We’re probably too small and we don’t need the money,” Mr Healy told reporters on the sidelines of a financial markets conference.

He also said the exchange had not been approached about a takeover at a time of intense speculation over industry consolidation.

“A corporate event is a good bit of time into the future ... some years,” he said.

As one of Europe’s smallest stock exchanges, Mr Healy said the ISE was in a position to watch large players such as Euronext and Deutsche Boerse consolidate.

“We outsource our own technology (to Deutsche Boerse). This buys us some time,” Mr Healy said.

“We can afford to watch and see how it all shakes out.”

However, the ISE was considering changing its ownership structure to make it easier for member firms to sell their holdings, Mr Healy said yesterday.

“It would be very easy,” he said.

Meanwhile the Irish Enterprise Exchange, the ISE’s new market for smaller companies, modelled on the London Stock Exchange’s Alternative Investment Market, was performing strongly, Mr Healy said, adding that about one company a month was listing.

Additional reporting by Reuters.