Non-bank lender Finance Ireland has pressed the pause button on its planned €100 million-plus initial public offering (IPO) as the rapid spread of coronavirus globally has hit equity markets badly in recent weeks. A spokesman for Finance Ireland declined to comment on the situation surrounding the IPO plans. In the middle of February, when The Irish Times reported that Finance Ireland had been working towards a May flotation, the biggest potential issue seen as potentially affecting the timing was political uncertainty caused by the inconclusive outcome of the February 8th Irish general election. At the time, western financial markets were riding high, as investors concluded that Covid-19 was largely a Chinese health issue, albeit one that affected supply chains and manufacturing plans for companies internationally. Finance Ireland’s loan book – including leasing finance to SMEs, motor finance, agri-lending and a property portfolio – breached the €1 billion mark in 2018 as new lending grew by 13 per cent to almost €500 million.

Source: The Irish Times March 23, 2020 05:48 UTC