SHARES in the new Irish telecommunications company, Stentor, have traded at a premium on their first day on London's Alternative Investment market, changing hands at 78p, 6p above the 72p listing price.
The company raised £3.5 million through the placing of 5.2 million shares. The closing share price puts a value of £5.49 million on the company.
Quoting a bid to offer a spread of 75p to 80p, Stentor's British based brokers, Shaw & Company reported good demand for the shares. Mr Ben Turnbull, a broker with the company, estimated that some 200,000 Stentor shares were traded in London yesterday.
Almost 65 per cent of the £3.5 million raised came from institutions in Britain, France, Germany, Austria and Switzerland.
Stentor, which was granted a licence by the Department of Communications last year, expects to start operating in Ireland by the end of July. Offering a long distance phone service to Irish businesses, the company will link with AT&T to provide international calls through a multi carrier platform in London.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)