New listings raise stock of Irish exchange

Companies listed on the Irish Stock Exchange raised a combined €513 million from international investors last year, with a number of new equity listings helping to increase the total.

Dalata Hotel Group, the largest hotel operator in Ireland, transferred its listing from the ESM market of the Irish Stock Exchange (ISE), which is tailored to smaller firms, to a primary listing on the ISE in June.

Other notable listings last year included that of Draper Esprit, a venture capital firm, and Venn Life Sciences, a clinical research company.

The ISE yesterday published its 2016 review which showed that the number of listed securities grew to more than 35,000, while bond listings increased by 7 per cent to more than 29,000.

Deirdre Somers, chief executive of the ISE, said she expected further growth in 2017. “Our core businesses performed well in 2016. We are considered by international investment managers to be the global centre of choice for fund listing and launched two new services for funds,” she said.

“Trading activity was strong and we continue to be the leading liquidity pool for Irish shares despite competition from across Europe.

“We anticipate that our business will continue to expand in 2017 and look forward to commencing work on our landmark new headquarters which will facilitate this growth. While Brexit has created considerable uncertainty, it has also created significant opportunities for the ISE and the wider Irish financial services industry.

“We are confident that the ISE is entering 2017 in a strong position to make the most of these opportunities.”

The ISE attracted more than 1,040 new fund listings in 2016 and retained its position as the leading exchange for funds globally.

The number of equity trades increased by 17.4 per cent to 6.6 million — the first time trading has reached more than six million trades and the sixth consecutive year of growth in trade numbers while turnover in equities rose by 6.3 per cent to €89 billion.

The first ever Saudi Arabian sovereign bonds — worth a total $17.5 billion — were among the new sovereign debt listings last year.

Ferrari, the luxury carmaker, also listed a €500 million bond.

The value of the Iseq fell by 4 per cent last year and stood at 6,517 as the year closed.