Finance
Ireland's Kingspan plans Amsterdam IPO for ADVNSYS unit to cut debt
Published by Global Banking and Finance Review
Posted on September 23, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 23, 2025
1 min readLast updated: January 21, 2026
Kingspan plans a 25% IPO of its ADVNSYS unit in Amsterdam to reduce debt, potentially making the company debt-free. The IPO is expected in the first quarter of next year.
DUBLIN (Reuters) -Irish building materials manufacturer Kingspan Group has begun working on an initial public offering of 25% of its data-centre focused ADVNSYS business in a deal that could leave Kingspan debt-free, the company said on Tuesday.
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.
Two global investment banks have already been appointed to jointly lead the process, which would leave Kingspan controlling 75% of ADVNSYS, he said.
ADVNSYS recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of 197 million euro ($230 million) last year and that could hit around 300 million euros next year, Murtagh said.
He said that some rivals servicing the data centre industry were trading at 20 times earnings.
($1 = 0.8482 euros)
(Reporting by Atharva Singh in Bengaluru and Conor Humphries in Dublin; Editing by Mrigank Dhaniwala and Louise Heavens)
An Initial Public Offering (IPO) is the process through which a private company offers shares to the public for the first time, allowing it to raise capital from public investors.
Market capitalization is the total market value of a company's outstanding shares of stock, calculated by multiplying the share price by the total number of shares.
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