Irish Stock Exchange Announces Plans For Launch Of Dedicated Market For Small To Mid-Sized Companies In April

The Irish Stock Exchange will launch its new market, the Irish Enterprise Exchange (‘IEX’), on 12 April next. IEX is a new market especially designed for small to mid-sized companies.

The Exchange has invited all companies currently quoted on the Exploration Securities Market (‘ESM’) and the Developing Companies Market (‘DCM’) to transfer to IEX from the opening of trading on 12th April. On this basis, IEX expects to have an initial base of eight companies. Both the ESM and DCM will cease to exist from the launch of IEX.

Through this new market, the Exchange intends to attract small to mid-sized Irish companies that are considering a public floatation. The market will be particularly attractive for Irish companies seeking admission to both IEX and AIM in the UK.

IEX offers small to mid-sized companies a number of advantages:

1. Participation in IEX ensures that smaller Irish companies can benefit from a presence in their home market. A public company’s home market can be particularly important for further fundraising after an IPO and is also more likely to provide broker and analyst support necessary to support share trading.
2. All IEX companies will participate in the ISEQ Index, thereby increasing their visibility to institutional and retail investors.
3. The IEX Rules have been designed specifically for smaller companies and are complementary to the AIM admission rules in the UK, thereby allowing Irish companies the option of coordinating admission to both markets using the same timetable and essentially the same admission document.

Tom Healy, Chief Executive of the Irish Stock Exchange, forecast that IEX would become the market of choice for small to mid-sized Irish companies; “IEX is designed specifically to meet the needs of small to mid-sized Irish companies seeking to access public markets. During our preparations for this new market we’ve engaged in detailed consultation with a wide range of market participants, and there is a clear consensus in support of the formula we are introducing. The new market will allow companies to enjoy all the benefits of a home market quotation, while at the same time creating a streamlined admission process for those companies who might choose a joint quotation on IEX and AIM.”

Click here for details of the rules for IEX and how these compare with the Irish Stock Exchange Official List and the London Stock Exchange AIM market rules.