Finance
Ireland's Kingspan plans Amsterdam IPO for data-centre focused unit
Published by Global Banking and Finance Review
Posted on September 23, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 23, 2025
2 min readLast updated: January 21, 2026
Kingspan plans to IPO 25% of its ADVNSYS unit in Amsterdam, aiming to capitalize on data storage demand and achieve a debt-free status.
DUBLIN (Reuters) -Kingspan has begun working on an initial public offering of 25% of its data-centre focused ADVNSYS business in a deal tapping into booming demand for data storage that could leave the Irish building materials manufacturer debt-free.
The initial public offering of ADVNSYS, which produces bespoke critical infrastructure such as ventilation and daylighting, would take place in Amsterdam, likely in the first quarter of next year, CEO Gene Murtagh told analysts on a conference call.
ADVNSYS' core profit has more than doubled over the last five years to 197 million euro ($230 million), thanks to a rapid AI-fuelled expansion in data centre infrastructure, and could hit around 300 million euros next year, Murtagh said.
Kingspan shares were up 11.5% at 1110 GMT.
Kingspan would control 75% of ADVNSYS after the flotation and would continue to consolidate its revenues and earnings, Murtagh said. Two global investment banks have already been appointed to jointly lead the process, he added.
"If that was successful, both Kingspan as the parent and ADVNSYS would end up essentially with zero debt, and obviously huge runway for both the businesses to take it from there," Murtagh said.
Kingspan had a net debt of 1.9 billion euros at the end of June, 1.74 times its earnings before interest, taxes, depreciation and amortization (EBITDA).
With rivals servicing the data centre industry trading at 20 times earnings, that could imply a valuation of over 6 billion euros, CITI analysts said in a note. Goodbody stockbrokers said in a note that trading multiples in the sector "can be far in excess of 20x EBITDA."
($1 = 0.8482 euros)
(Reporting by Atharva Singh in Bengaluru, Conor Humphries and Padraic Halpin in Dublin; Additional repoting by Danilo Masoni; Editing by Mrigank Dhaniwala, Louise Heavens and Mark Porter)
An IPO, or Initial Public Offering, is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
Equity refers to the ownership interest in a company, represented by shares of stock. It signifies the value of an owner's stake in the business after all liabilities have been deducted.
Debt financing involves borrowing funds to be repaid later, typically with interest. Companies use it to raise capital for various purposes, including expansion and operations.
Valuation is the process of determining the current worth of an asset or a company, often based on metrics such as earnings, revenue, and market conditions.
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