CRH, a building materials giant, made its debut on the New York Stock Exchange on Monday. This move aims to attract a broader investor base and better reflect its significant exposure to the US market. The company’s shares were 2% higher in early trading in New York. With 75% of CRH’s group earnings before interest, tax, depreciation and amortisation (Ebitda) coming from North America, this primary listing in the US is expected to bring increased commercial, operational, and acquisition opportunities. Albert Manifold, CRH’s CEO, expressed excitement about fully participating in the significant growth opportunities ahead for the business. Billionaire investors George Soros and Seth Klarman have recently established positions in CRH, and numerous hedge funds have increased their holdings in the company. CRH’s move has raised concerns for Euronext, the owner of the Dublin bourse, which has experienced an exodus of high-profile companies. Flutter, a gaming company, is also considering relocating its primary listing to New York. Additionally, packaging giant Smurfit Kappa plans to delist from Dublin if its merger with US-based WestRock goes ahead. However, some Irish companies, including insulation maker Kingspan, banks, hotel group Dalata, and Irish Continental, have significant exposure to Europe and Ireland and are expected to remain listed in Dublin. Glanbia, a company generating substantial revenue in the US, has no intention of quitting its Dublin listing in favor of the US.
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