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Lone Star tees up €300M IPO of Irish homebuilder

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Lone Star tees up €300M IPO of Irish homebuilder

Lone Star is planning an IPO of an Irish homebuilder that could generate proceeds of over €300 million, The Irish Times reported, citing unnamed sources.

According to the report, the Dallas-based private equity firm has enlisted stockbroker Davy to work with JP Morgan on the homebuilder's flotation on the Dublin and London stock exchanges that will be led by Durkan Residential Managing Director Patrick Durkan.

The new company would hold key Irish development sites acquired by Lone Star at "knock-down" prices over the last six years, the publication added.

Proceeds from the IPO will be used to acquire additional properties and develop the company's assets.

A Lone Star spokesman declined to comment, while Durkan was unavailable for comment, according to the report.