CRH shares make debut on New York Stock Exchange

PADDY Power owner Flutter Entertainment became the biggest Irish company listed on the Euronext in Dublin after CRH formally ceased trading on the exchange.

CRH shares made their debut on the New York Stock Exchange last week, where the Belgard Castle headquartered giant hopes it will attract a broader investor base and better reflect its significant exposure to the US market.

In early trading in New York, CRH shares were up 2 per cent or higher.

North America accounts for about 75 per cent of CRH group earnings before interest, tax, depreciation and amortisation (Ebitda), which stood at €1.3bn in 2022. Its revenues last year were €31.1bn.

CRH chief executive Albert Manifold, has previously noted that the US is expected to be a key driver of future growth for the building materials giant

“Today marks an important milestone in CRH development,  which will enable us to fully participate in the significant growth opportunities that lie ahead for our business,” he said.

Billionaire investors George Soros and Seth Klarman established positions in CRH during the summer. More than two dozen hedge funds disclosed new or increased positions in CRH American Deposit Receipts on the Nasdaq in recent months.

The CRH departure has heightened concerns for Euronext, the owner of the Dublin bourse. The exchange has seen an exodus of A-listers in the past number of years, including Greencore, DCC, Aryzta and Grafton Group.

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