Irish builder makes its debut on the stock market
Institutional investors snapped up close to half the shares on offer in the freshly- listed Irish housebuilder, Glenveagh Properties, according to sources.
The company - which is formed by a combination of Oaktree Capital's development land bank in Ireland and the assets of Maynooth-based builder Bridgedale - debuted on the London and Dublin stock exchanges yesterday.
According to sources the register is dominated by 10 institutional investors, with Ireland's severe housing shortage driving support for the €550m (£491m) offer.
Oaktree will hold a 16.5% stake in the company and is subject to an 180-day lock-up period.
Oaktree executive and Glenveagh's chief executive, Justin Bickle, said the response to the initial public offering "exceeded all of our expectations".
He also predicted that the housebuilder's ambitious building programme would make a very substantial contribution to help alleviate the housing problem in Ireland.
Mr Bickle added that "our work on that programme begins today".
Glenveagh intends to construct 1,000 new homes every year up until 2020.