Fayrewood, the London quoted computer services company, founded by chairman, Mr Pierce Casey, has floated its Germany subsidiary, ComputerLinks, on the Frankfurt Stock Exchange.

The shares were traded at #34.6 (£27.25), a 57.3 per cent premium on the issued price. This puts a valuation of #155.7 million (£123 million) on ComputerLinks, and Fayrewood's 53.3 per cent shareholding is valued at #83 million (£65 million). The issue was 21.3 times oversubscribed.

Mr Casey has a 15.3 per cent stake in Fayrewood and his indirect holding in the German company is valued at #12.7 million (£10 million).

Fayrewood, a computer services company, acquired its stake in ComputerLinks in December 1997 for £3.1 million sterling.