Shares in Ireland's Malin rose 7.3% on its stock market debut after it raised €330m in one of Europe's biggest life science initial public offerings (IPO). 

Malin, set up by a number of executives from Elan to invest in smaller, pre-IPO companies, opened at €10.50 per share on Dublin's ESM market for smaller companies.

This was above the €10 per share issue price. 

The Dublin-based company beat its target IPO range of €275-325m, topping the £200m Circassia raised a year ago in the biggest London market biotech debut in years. 

Meanwhile, the Ireland Strategic Investment Fund is to invest €50m in the Irish medical technology company. 

The investment in Malin is the first made by the ISIF, which is managed by the National Treasury Management Agency since it was formally established late last year. 

Following Malin's listing today, the ISIF will hold a stake of about 15% in the company. 

The ISIF said it believes the combination of the Malin team working with its investee companies can continue to build on Ireland’s reputation as a life sciences hub by developing some of the key operations and research functions of its companies here.

This will create large numbers of high-end jobs and investment.

Malin has said it will invest in companies for which an IPO or sale is premature and provide the long term capital and industry experience it says venture capital and private equity funds cannot guarantee. 

It has committed €100m to seven such firms, including US-based Viamet, which pulled a potential $75m IPO last year, with a further €130m promised, subject to targets being met. 

The Irish Stock Exchange's chief executive Deirdre Somers noted that Malin is the first company to list on the ISE in 2015. 

"We are proud to be the exchange of choice for one of Europe’s biggest ever biotech flotations," she added.

"We are well-placed to achieve our goals of creating long term value for shareholders and improving patients' lives globally by building a leading international life sciences company with world class scientific, medical and business leadership from our Irish base," commented Dr Adrian Howd, Malin's CEO.