House building company Glenveagh Properties has raised €500m through its initial public offering on the Dublin Stock Exchange.

Glenveagh's IPO is the second biggest flotation on the ISE this year.

The company is focused on developing starter, mid-size and high-end homes - both houses and apartments - in the greater Dublin area.

Glenveagh has taken a primary listing on the ISE and started trading today with a market capitalisation of €696m after conditional dealings from October 10. 

"Today is a significant milestone as our primary listing on the Irish Stock Exchange has given us the platform to raise funds from a broad range of international investors which will enable us to deliver on our ambitious house building programme," Glenveagh's chief executive Justin Bickle said.
 
"The Irish economy needs more houses and apartments and our listing is a key step in making Glenveagh a scale provider of housing that can help to address the supply shortage," the CEO added. 

Deirdre Somers, the Irish Stock Exchange's chief executive, said that Glenveagh's successful IPO demonstrates the strong interest from international investors in the company and the Irish economy more generally.

The company is the second housebuilder to list on the ISE this year after the admission of Cairn Homes in July. 

Other major flotations this year included AIB, which raised €3.4 billion in the largest IPO in Europe this year. Greencoat Renewables, the Irish renewable energy company, also raised €270m on its IPO in July.