Smurfit Kappa’s Irish stock market exit compounds existential crisis

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Three Iseq heavyweights now in the departure lounge

A private briefing note prepared earlier this year by Department of Finance officials for their Minister, Michael McGrath, highlighted fears that nutrition company Glanbia, insulation maker Kingspan and food group Kerry might also be tempted in time to follow suit.

Market observers say Euronext Dublin should be attracting four to five new listings a year to be able to call itself a vibrant market. However, only three companies — Uniphar, Corre Energy, and HealthBeacon — have floated in Dublin in the past four years. There is little evidence to date that an Irish market advisory committee — comprising executives from Euronext Dublin, Davy, Goodbody Stockbrokers, law firm A & Goodbody, Enterprise Ireland and US-based Susquehanna — set up early last year to come up with ideas to reboot the Irish IPO market delivered anything.

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