The Dublin stock market is facing a crisis with a decline in IPOs and an exodus of companies. A new access market, modeled after Euronext's existing markets in Paris, Brussels, and Lisbon, is being launched to encourage more small companies to list. The market aims to attract tech companies and provide a springboard for growth, with the hope that some could eventually move to the main market. The success hinges on the quality of companies brought to the market.
The recent programme for government had more than a touch of the one-for-everyone-in-the-audience about it, pledging everything from reducing pupil-teacher ratios in schools to working to get the Dublin Airport passenger cap lifted.Dublin, stockbroking, accountancy, PR and law firms that huddled together in recent years to beg the government to support the rapidly shrinking Dublin stock market considered it a feat when their cause got two mentions in the almost 160-page tome.
To advance the cause, the IEMF plans to establish itself as a formal lobbying body in the coming months. Euronext Dublin knows it must help itself, too. This is why it is setting up a “springboard” market for small companies to float and finance growth but which do not meet the criteria for admission to the main, or even junior, Euronext Growth markets. It will replicate the Euronext Access markets the wider Euronext Group already runs in Paris, Brussels and Lisbon.
However, the reboot has to start somewhere. Euronext Dublin chief executive Daryl Byrne told The Irish Times this week he expects the access market to launch in the first half of this year, initially with at least two companies, most likely from the tech sector. He said there has been a “good level of inquiries” from interested firms.
The success or otherwise of the imminent market in Dublin hangs on the quality of the companies that brokers, accountancy and legal firms bring to it.
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