Nearly 130m has been raised on the new exchange.

Most recently, AGI Therapeutics floated and raised 42.5m. It is one of three companies to have raised capital on the exchange. Getmobile, backed by entrepreneur Pierce Casey, raised 62.35m.

Dealmaker Niall McFadden's Newcourt raised 14.35m.

Just 14 companies have listed on the IEX since its launch last April. More than half were companies previously quoted on the Exploration Securities Market and the Developing Companies Market, both of which were wound up with the advent of IEX.

Scepticism greeted the launch of the IEX, seen in some quarters as an extremely belated reaction to London's AIM market. It had an inauspicious start, attracting just 150,000 worth of trades in its first day. But the value of companies on IEX had grown by 58% by the end of the year to over 850m, according to the stock exchange. The flotation of AGI last month pushed the combined capitalisation of IEX-quoted companies past the 1bn mark.

Irish Stock Exchange director of listing Deirdre Somers is upbeat about flotations and trading levels.

"By any measure, seven companies coming to the market in 10 months is a good outcome in line with our expectations, and the indications are that the level of new entrants will be sustained, " she said.

"IEX is delivering a different offering. You won't have the same liquidity as a primary exchange."

Pierce Casey, founder of Fitzwilliam Capital which floated as Getmobile, is an IEX cheerleader. "As one of the guys who founded and floated one of the early AIM companies [Fayrewood], when the jury was out, I've seen that the AIM has blossomed as a market and I see no reason why that shouldn't happen here, " he said.

To avoid an AIM/IEX battle, the IEX rules were designed so the timetable and essentially the same admission document may be used for both markets. John Devane, chief executive of AGI Therapeutics, admits that the AIM was the company's "primary" interest and that the ease of a dual listing was part of the reason for going for IEX.

Exposure to the home market was another attraction for Devane. "We anticipated, and we were right, that there would be a significant amount of local Irish investor interest, and IEX is convenient for local investors, " he said.

The IEX has been boosted by support from Davy Stockbrokers, which acts as broker to 12 of the 14 companies on the exchange and has handled all flotations to date. "On AIM you are just one of 1,400-1,500 companies, and the chances of getting lost to investors are greater, " said Des Carville, associate director of Davy Corporate Finance. "On IEX, you get research coverage from all of the brokers and analysts here, and that improves your visibility."

Convenient access for local investors is also a selling point for Ted O'Neill, chief executive of security and recruitment company Newcourt, which listed last year. "There's a reasonable amount of funding for quoted companies in Ireland and IEX provides a relatively straightforward mechanism to access that, " O'Neill said.

"The fact that when you're on IEX, you're on the normal stock exchange listing anyway gives easy visibility."

That visibility appears to be paying off. Of the four recently-floated companies with the biggest trading volumes . . . AGI, Newcourt, Getmobile and Irish Estates . . . the vast majority of trading has been on IEX, according to Somers. Most of Casey's trading in Getmobile's shares has been carried out in Dublin.

The market has recently been dominated by institutional investors, and access to a euro-denominated quote is seen as playing a crucial role. Several companies listed on the IEX stated in their applications that they expected liquidity in their shares would be enhanced by the provision of a euro-denominated quote and trading facility . . .

which offers an attraction for institutions that do not want sterling exposure.

Brian O'Kelly, managing director of Goodbody Corporate Finance, says the new exchange's importance as a source of funding should not be underestimated.

"Is IEX providing a market that adds value to funding options? I think it is. There are a number of European institutions that would invest in companies in the Irish market. If companies were only on AIM, they might not be on their radar."

One key test of long-term investor confidence and institutional support will be achieving critical mass. Corporate financiers predict at least three more companies will list this year. Somers forecasts that the numbers on the IEX could approach 20 by the end of the year.

Another key test, Somers acknowledges, will be the IEX's ability to attract companies capable of expanding, rather than those who view IEX simply as a once-off source of finance or as an exit mechanism for venture capital investors.

"It is important for any market that companies keep growing and come back for further fundraising. That is the essence of a dynamic market."