Cairn looks to raise up to €400m from flotation

Irish housebuilder Cairn Homes is looking to raise up to €400m as part of its flotation on the London Stock Exchange.

The company, established last year by chief executive Michael Stanley and Scottish accountant Alan McIntosh, will issue shares at €1 per share on June 10 in a bid to raise between €350m and €400m, it said in a statement yesterday.

Cairn’s chairman is former KBC Bank Ireland chief executive John Reynolds.