Dublin-based building materials maker CRH Plc plans to abandon the Irish stock exchange as it seeks a primary listing in the US.
(Bloomberg) — Dublin-based building materials maker CRH Plc plans to abandon the Irish stock exchange as it seeks a primary listing in the US.
The move will be a significant blow for exchange operator Euronext Dublin, as CRH is currently the largest Irish-listed company.
“We have received clear and consistent advice from our advisers that to be successful in achieving US equity index inclusion, CRH will need to de-list from Euronext Dublin,” Chief Financial Officer Jim Mintern said in an emailed statement.
The decision follows the firm’s announcement last month of plans to move its primary listing to New York from London. CRH will maintain a standard listing on the London Stock Exchange while also remaining incorporated, tax resident and headquartered in Ireland, Mintern said.
The Irish de-listing plans were first reported by the Irish Times.
The North American market accounts for about 75% of CRH’s Ebitda with its exposure likely to increase further due to the expected large infrastructure outlays in the US which the company stands to benefit from.
While the company hasn’t indicated which US index it will target it is likely to seek a listing on the S&P 500, the Irish Times reported, citing unidentified people familiar with the matter. Further information will be provided on plans as part of a trading statement later this month, the company said.
A significant number of companies have left the Irish stock exchange in recent years, including recruiter CPL Resources and forecourt retailer Applegreen Plc.
A spokeswoman for Euronext told the Irish Times it “would be disappointed to see any company leave” its markets but declined to comment on CRH specifically.
A number of firms have also recently shunned London in favor of of deeper US capital markets, although not all have found success after moving their listings.
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