More than half-a-million people have registered for an allocation of shares in Telecom Eireann, part of which will be floated on the stock exchange by the Government in July.
About 2.8 million people received an invitation to register for shares, and the numbers registering are expected to taper off. Telecom Eireann and its advisers have no plans to announce a closing date for registration.
The share offer period - when people are allowed to apply for shares - is expected to begin in mid-June.
It is still not known how many shares will be offered, but the 500,000 people who have registered so far, and others who register before the registration period ends, will receive priority.
The Government and Telecom Eireann yesterday expressed satisfaction with the response, but said it was impossible to estimate how many people would eventually register. A spokesman for the flotation said the response was above the international average for this type of share offer.
It is widely expected that not all the 500,000 who have registered will go on to buy shares.
International experience suggests that 15 to 45 per cent may subscribe for shares. But since this is the first flotation of its type in the Republic, the response could be higher.
The share offer is expected to be heavily over-subscribed, so large applications for shares are likely to be scaled back considerably.
The Government still has to state whether retail investors will get any special incentives to buy shares.
After registration ends, a personalised share application form and mini-prospectus will be sent to everyone who registered.
The retail share offer is open to anyone over 18 years of age with an address in Ireland.
Individuals will be restricted to making one application in their own name, although parents, grandparents or guardians will be able to register for an allocation on behalf of minors.
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