7th Jan 2026 09:03
(Alliance News) - Kingspan Group PLC on Wednesday said it plans to retain ownership of its advanced building systems unit Advnsys, cancelling plans for a proposed initial public offer.
Chief Executive Gene Murtagh said: "We have been very pleased with investor appetite in respect of Advnsys and in light of that interest, and given current momentum and outlook, our considered view is that retaining full ownership of this fast growing business is the optimum route to maximise value for our stakeholders."
The Kingscourt, Ireland-based building materials supplier announced plans for an IPO last September, sending shares up 10%. On Wednesday, shares in Kingspan were down 3.3% at EUR69.75 in Dublin.
Since September, Kingspan said it has seen "exceptionally strong" engagement with investors and is "pleased that the quality of the Advnsys investment case has been widely recognised."
Kingspan said it strongly believes in the future trajectory of the unit, and, as such, places "significant value" on Advnsys and its ownership.
"There is even stronger momentum on this than when we announced our intention to explore an IPO in September 2025," the firm explained.
As such, Kingspan said it will now not pursue an IPO and will continue to report Advnsys as a wholly owned and broadly distinct reporting segment.
"Whilst it is clear that a wide range of high-quality global investors demonstrated strong appetite to participate in a potential IPO, Kingspan believes that shareholder value will be maximised by allowing Advnsys to further capitalise on its rapidly growing and strong order book momentum," the company said in a statement.
The company plans to hold a capital markets day in the US later in the year to provide further insights on its strategy, "competitive differentiation and compounding growth potential."
"We are excited about the future growth trajectory of Advnsys within the Kingspan Group," CEO Murtagh said.
Kingspan is targetting to "at least double" earnings before interest, tax, depreciation and amortisation at Advnsys over the next four to five years.
By Jeremy Cutler, Alliance News reporter
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