Irish investment firm Malin starts off on 6% high

Shares in newly-formed Irish investment firm Malin closed up 6% at the end of its first day’s trading in Dublin yesterday.

The company — which was established by former Elan executives and counts UK-based Woodford Investment Management and the Ireland Strategic Investment Fund (the former National Pensions Reserve Fund) as its cornerstone backers — debuted yesterday on the Irish Stock Exchange’s junior market, the ESM.

Malin’s initial funding expectations have been surpassed, with its IPO raising €330m, just above the top-end of management’s initial expectations of anywhere between €275m and €325m. The company’s share price closed at €10.60 yesterday, after opening at €10 and rising, at one point, as high as €10.77.