Cairn Homes, a home-building company founded only a year ago and which plans to sell its first new houses in the Greater Dublin Area later this month, has listed on the London Stock Exchange this morning and has raised its full targeted €400m in new funding in the process.

It’s understood that a significant proportion of the new investors are from the US and have been attracted to the company based on Ireland’s economic growth story; the undersupply of homes in urban areas here and the success of the various property REITS that have floated on the stock exchange recently.

The founders of Cairn Homes, Alan McIntosh and Michael Stanley and their associates, are to invest €29m in the company in cash and equity incentive schemes for a 7 percent stake.

The company plans to invest just over €60m of the new funds in five sites in Dublin and Meath where it is currently building or planning to build homes and is reviewing the purchase of up to 10 additional sites in Dublin and Cork.

Mr McIntosh commented on the listing: "This is an important day for the Irish homebuilding industry. It has been two decades since the last Irish homebuilding company floated. The successful initial public offering, raising in excess of €400m of new equity capital, is a decisive step for Cairn Homes as we take a new and sustainable approach to building high quality new houses and apartments for our customers."