Laing O’Rourke resurrects IPO plan for 2024
Leeds-based construction firm Laing O’Rourke may become publicly listed by 2024. The company’s founder, Ray O’Rourke, said that he is currently looking for a successor to take over leadership of the firm.
Commenting on the plan, O’Rourke said: “We will float the company in a few years’ time. By 2024, we will be in good shape.” Laing O’Rourke is currently also owned by Ray’s brother, Des, with Suffolk Partners Corporation acting as its parent company.
With a three-window exit window in place to leave at the end of the 2020 financial year, Ray had previously said that the company could be floated on the stock exchange following his departure as the Chief Executive Officer.
“Between now and April 2020, the intention is to have a robust succession plan in place, to have a succession leadership team determine what they do with the next phase of the business,” O’Rourke told Construction News. “It may stay as it is, maybe it’s an IPO if we get the manufacturing to a stage where it would be attractive in the marketplace,” he added.
Starting his career in the construction industry in 1977 with a concrete specialist, Ray acquired the contracting arm of Laing in 2001 for just £1, changing its name to Laing O’Rourke. In the past, the company has invested large amounts of money in offsite construction and promoted its design for manufacturing and assembly approach (DfMA) with adverts in The Sunday Times.