Chief executive of IPL Plastics said he wouldn’t recommend the process of listing a Canadian company, and according to the Irish Independent, he said that it would not be something he would do again.
Speaking at the Enterprise Ireland/Deloitte CEO Forum at Dublin Castle, Alan Walsh said that the process was “quite involved” and added a lot of cost to the business, and shares traded on an informal “grey market”.
He said such a market was not a sustainable future for the group, who are reporting as a public company.
Canadian IPO
"We went through an assessment process and ultimately, without going into the history, we decided that we would list on the stock exchange in Toronto, which we did at the end of June,” he told the conference.
"I wouldn't recommend anyone go through that process, it was quite involved and mainly it was because we had to go through so many steps ... given the structure that we had etc."
In August, the group reported a $2.6 million (€2.3 million) loss in the second quarter of 2018, which it said was primarily attributable to the Initial Public Offering (IPO) on the Toronto Stock Exchange.
This was despite the group raising €123 million from its launch.
In July, its shares fell slightly upon completion of the IPO. Shares fell more than 1.3% within four hours.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
