DUBLIN-BASED building systems firm Metic Group floated on the AIM junior stock market in London yesterday at a debut price of 28.5 pence, giving it a market value of £15.7 million (€17 million).

Irish property entrepreneur Philip Marley is Metic's biggest shareholder with a 36.9 per cent stake. More than 55 million shares are being issued.

The company specialises in the design, engineering and construction of architectural glass for large building projects in the public and private sector.

The group says it has £40 million worth of contracts secured for the next 18 months and that a growing part of its revenues are coming from "petro economies" in the Middle East.

Mr Marley said the listing would provide access to "international capital markets" that will allow Metic to accelerate its growth.

Separately, Mr Marley is also the founder of Ely Property Group which was bought by Irish listed company Newcourt in 2006.

He part of a consortium that is in talks with Newcourt over the sale of Ely.