Glenveagh shares surge at debut

Shares in Glenveagh Properties rose almost 14% above its offer price on its debut on the Irish Stock Exchange as investors hailed the prospects for an Irish house builder focused on building houses.

It joins Cairn Homes as only the second stockmarket listed home builder in Dublin. The surge in the shares will value Glenveagh on par with Cairn Homes, according to a market source. Cairn shares gained 2.7%. The Government of Singapore Investment Corporation, as well as Fidelity, JP Morgan and Lazard Asset Management hold significant stakes.

“The level of international support for this IPO is a huge endorsement not just for Glenveagh but for the broader Irish economy.