First Irish homebuilder since 1997 set for IPO

Cairn Homes will unveil plans for an initial public offering as soon as next week, the first for an Irish home builder in almost two decades.

Cairn Homes, set up last year and chaired by former KBC Bank Ireland boss John Reynolds, plans to sell at least €300m to money managers before the shares start trading in London initially, said sources. Credit Suisse Group and Goodbody Stockbrokers are advising on the transaction.

The company could decide on a second listing in Dublin. Spokesmen for Cairn Homes and Goodbody declined to comment on the plan.