A focus on small cap IPOs could help Euronext Dublin to reinvent itself and provide a platform to build the next Flutter, Kingspan or CRH
It is a very exciting venture. Unfortunately, this latest IPO, like those I have been involved in previously, is being run out of London. I would be very interested in doing this IPO work out of Dublin, as would many others.
Action needs to be taken to create an environment in Dublin similar to that in London. We need to create a pipeline of new IPOs on the Irish exchange. By not taking advantage of the opportunities offered by small capital IPOs, Ireland Inc is missing a real trick. The officials in the Department of Finance could get the ball rolling by looking at any regulatory blockages that are preventing the Dublin exchange from becoming a leader in small-cap IPOs.
Dublin used to have the type of infrastructure needed. Twenty years ago, the likes of Merrion, Dolmen, NCB, Goodbody, Davy and the other stockbrokers were actively encouraging small-cap IPOs. We need to get back there. In the short term, the main stockbroking firms could more actively introduce their high-net-worth and family office investors to small-cap IPOs. They offer high growth and the prospect of returns well in excess of what large-cap companies provide.
There are downsides. Some of these small-cap IPOs won’t be as successful as expected and people risk losing part of their investment. Hence my view is that investing in small-cap IPOs is not something that retail investors should be getting involved in. But I’m certain that the vibrant Irish high-net-worth and family office ecosystem would love the opportunity to invest.
In my four successful IPOs, virtually all of the funds raised came from investors in London. Irish investors are not getting the opportunities in these IPOs. The investment community in Dublin needs to work together to make sure that Irish investors aren’t losing out. There is no reason why we could not have a vibrant IPO market alongside the current business in listings for bonds and debt. Having a pipeline of IPOs is also the best way to build the next Flutter, Kingspan or CRH.
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