Homebuilder Glenveagh Properties said it was set to raise €550m in the country's second-largest initial public offering since the 2008 financial crisis amid a housing crisis. 

Glenveagh said it had raised €500m and expected to raise another €50m assuming the full exercise of an over-allotment option. 

Its shares started trading on the Dublin and London stock exchange this morning. 

Glenveagh is just the second Irish housebuilder to float since the economy began to turn around, following Cairn Homes in 2015. 

Cairn's share price has almost doubled since then as the value of its portfolio grew sharply.

While the country was left with a surplus of houses after values were cut in half following the property crash a decade ago, a recovery in the construction sector has badly lagged the general economy.

This has caused house prices and rents to rise sharply again. 

John Mulcahy, executive chairman of Glenveagh, said the level of international support for today's IPO is a huge endorsement not just for Glenveagh but for the broader Irish economy.

"International investors are very tuned in to the Irish story and they have demonstrated a huge appetite to invest in ambitious, well-structured companies who can respond to the current housing shortage," he added.

The company's CEO Justin Bickle said the response to Glenveagh's IPO has exceeded all expectations. 

Mr Bickle said Glenveagh is now a listed company with a broad range of international investors and an ambitious house building programme ready to implement.

"I have no doubt that we can make a very substantial contribution to help alleviate the housing problem in Ireland and our work on that programme begins today," he added.