(MENAFN- ProactiveInvestors)Irish housebuilder Cairn Homes made a constructive start to life on the stock market on Wednesday after raising €400mln in a share sale. Cairn's stock rose in conditional dealing after the company issued 400 million shares at €1 each. Unconditional trading is due to begin on Monday. The group raised about €384.9mln from the offer after costs of €15.1mln. The total market capitalisation of the company was €429.7mln before trading began. It is said to be the first Irish housebuilder to float in almost 20 years after McInerney Holdings listed in 1997 but quit in 2010. Cairn targets urban Ireland with a focus on Dublin and suburbs Galway Cork and other large cities where it says economic trends are underpinning housing demand and pricing. It has acquired five sites worth an estimated €366mln is in exclusive talks about another four and plans to buy more or form joint ventures. It remains upbeat about the Irish housing market despite price falls of more than 50% during the 2008/9 financial crisis. Co-founder & chief executive Michael Stanley said: "We are extremely grateful to our new shareholders for their strong support. The Cairn business model is unique in Ireland and will enable us to build quality homes in areas of particular need at a time of significant under-supply."
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