Esat Telecom is to list its shares on the Nasdaq today at $13 (£8.61) a share. The company hopes to raise around £53 million after the sale of 30 per cent of the company.
Esat which provides fixed line and other telecoms services for the corporate sector had predicted that it would offer its shares at between $12 and $14 per share. It is offering six million American Depository shares, representing 12 million ordinary shares. However, there is expected to be good demand for the shares and the price could rise once trading begins. Mr Denis O'Brien, Esat chairman and chief executive, will retain 18 per cent of the company, valuing his share at around £30 million.
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