The Irish Stock Exchange's new ITEQ market for technology stocks will begin trading next Monday, with six companies with existing full listings also taking a dual listing on ITEQ.
Stock exchange managing director Mr Tom Healy declined to comment ahead of today's formal launch of ITEQ. But it is understood that Horizon, Icon, Iona, ITG, Trinity Biotech and Riverdeep will add an ITEQ listing to their existing full listings.
The stock exchange has been actively marketing the new market to the corporate finance industry and it is understood that some additional listings for ITEQ will materialise before the end of the year.
The launch of ITEQ is a response by the stock exchange to the procession of Irish technology companies who have generally bypassed the Irish market and instead taken listings in London, the Neuer Markt in Frankfurt or the Nasdaq market in New York.
The rules for ITEQ listing are less rigorous than for the full stock exchange list. ITEQ-listed companies will not be required to seek shareholder approval when making acquisitions but will be required to provide greater information.
