A Scottish commodities marketplace has become the second business to list on Euronext Dublin’s “springboard” market for small enterprises.
BLK global, which is headquartered in Glasgow and has offices in Dubai and Mumbai, was listed on the exchange’s Euronext Access market on Friday, with an initial market value of €48.7 million, or €2.92 per share.
It follows the listing of Roscommon-based environmental software company, Senus, on Euronext Access in December.
Euronext, the pan-European stock market operator and owner of the Irish exchange, also operates Euronext Access markets in Paris, Brussels and Lisbon. Executives in Euronext Dublin completed development work on such a market in Ireland last year.
Euronext Access markets are designed especially for start-ups and small companies that wish to join a stock exchange to finance growth and gain the reputational advantages of listing but do not meet the criteria for admission to main or even junior Euronext Growth markets.
Rather than offering continuous trading in listed companies when the stock market is open – as with businesses listed on the junior or main market – Euronext Access markets hold two auctions a day, at midday and at the end of a session.
Trading in Senus shares has been very light so far. The last time stock changed hands was May 18th, according to data on the Euronext Dublin website.
BLK Global is structured around two main business units, BLK Technologies and BLK Shipping. BLK Technologies is a peer-to-peer marketplace for buying and selling raw materials and commodities. It is designed to connect businesses for efficient transactions across various categories, such as agricultural, chemical, energy, construction, industrial and metals, addressing diverse business needs.
BLK Shipping is the physical fulfilment arm of BLK’s shipping operations, providing commercial management and operational oversight for vessels chartered on behalf of BLK’s customers to deliver the commodities traded on the marketplace as well as outside it.
“Today’s admission to Euronext Access Dublin is our Rubicon moment. It marks both the culmination of an eight-year journey and the beginning of a new adventure,” said Gabriele Dadò, founder and chief executive of BLK Global.
“Our decision to list on Euronext reflects our international ambition and our confidence in Ireland as a gateway to European capital markets. We look forward to continuing our growth as we expand our technology platform, strengthen our global presence and deliver on our mission to digitalise commodity trading.”