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Friday, 12th April 2024
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IEX doubles in size in its first year Back  
The market capitalisation of the Irish Enterprise Exchange (IEX) market has more than doubled to €1.17 billion, since it was launched one year ago.

The IEX started off with the eight firms which were formerly listed on the Exploration Securities Market (ESM) and the Developing Companies Market (DCM). Since then, six new firms have joined IEX - Lapp Plats plc; getmobile europe plc; Irish Estates plc; Donegal Creameries plc; Newcourt Group plc; AGI Therapeutics plc – bringing the total amount of companies listed to 14.

Many of these companies also have listings on the Alternative Investment Market (AIM) in London, on which the IEX is based, but the majority of trading is done in Ireland.

‘The home market is also more likely to provide broker and analyst support necessary to support trading. This is evidenced by new IEX/AIM dual listings where, on average, 78 per cent of trading volume has taken place in Dublin,’ said Deirdre Somers, director of listing on the Exchange.

Although there are a limited number of companies on IEX (and some of these companies transferred automatically from existing ISE markets), a wide range of industry sectors are represented including mining and exploration, e-learning, agri-foods, pharmaceuticals, and property/facilities management.

The duplication of the listing process, between AIM and the IEX, is a key attraction of the new market. Niall McFadden, the chairman of Irish Estates plc, which listed on IEX in September 2005 says, ‘IEX provided Irish Estates with the opportunity to attract European investors through its euro-denominated quote and trading facility on ISE Xetra. This complements our sterling quote on AIM and offers shareholders the choice of trading in euros or sterling’.

Both George Brady, a partner, and Gerry Beausang, an associate, in Matheson Ormbsy Prentice, are optimistic about the outlook for the sector. Writing on page 13 of this issue, they say, ‘we believe that the signs for IEX are broadly encouraging’.

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