OFFICIALS at the Irish Stock Exchange will be greatly relieved today first with the listing of the Irish company on its long-awaited Developing Companies Market.

This morning, the Independent Telecoms Group (ITG), will begin trading on the DCM, raising £1.7 million through the placing of over one million shares with institutional investors. The listing, the Exchange hopes, will he the first of many, possibly attracting up to 10 companies by the end of the year.

For ITG, the first day's trading will be another landmark for the company, according to managing director Mr John Nagle. "We're very excited to be the first company on the DCM. It will give us a high profile which should help us to 5911 more of our products and services.

Stockbrokers who have been busy promoting the DCM to companies are delighted that a company has finally moved on to the market which was officially launched in January. And many report that they are talking to at least a couple of other potential candidates.

"Many companies are adopting a wait-and-see approach" according to Mr Tom Byrne, of Davy Corporate Finance. "We have one or two, companies currently looking at it, but neither is in a hurry to go straight on to the market.",

After more than a year of discussion, the DCM has, finally come at a time when the financial needs of most Irish companies are already being well-served. With interest rates close to rock bottom levels - before yesterday's increase - and companies probably never able to source funds so cheaply before, many may see little need for a listing. Even after the forthcoming increase, the outlook for interest rates remains favourable provided EMU remains on course.

A growing willingness by institutions and Government agencies to provide development capital vehicles has also eased the financial burdens of many fledgling companies.

"Many companies are under no pressure to find equity finance at the moment but over time, those going on to the DCM will see the benefit, as a long-term strategy, of being able to raise money from institutions", Mr Brian O'Kelly, of Riada Corporate Finance, says.

"We have found that private companies around the State in general want to know more about the DCM. Many of them are surprised to find that a flotation is a viable option for them in terms of going forward and this should in time translate into more listings" he says. "Hopefully ITG will go well and its share price will move ahead and encourage others to follow suit.

The brokers expect that ITG could well set a trend, with other companies following its decision to list both in Dublin and London. ITG's London listing will be on its Alternative Investment Market, giving the group exposure to a wider pool of investors.

Mr Nagle said the company had intended to float on the AIM late last year. "There was a lot of talk here about the DCM at the time hut nothing was happening so we looked at the AIM. When DCM was finally launched in January we looked at it quite seriously. By then we had completed many of the necessary formalities for a listing in London which were broadly similar to the those required for the DCM. So it was relatively easy to organise the dual listing", Mr Nagle explains.

ITG is being brought to the market by Goodbody Stockbrokers, which said it was talking to up to six other companies which were considering a possible flotation on the DCM.

"A growing number of companies are seeing it as a good and efficient way of meeting their overall growth plans, while others may he prompted to list by, say, their venture capital shareholders, who may wish to put a value on their shares", according to Mr Liam Booth of Goodbody's Corporate Finance.

Institutions, he said, were also showing great interest in investing in sectors not already represented on the Stock Exchange's official list, which should also greatly encourage many businesses eventually to make the move.

Much of the interest being reported by brokers was largely forecast in a survey last year by KPMG Corporate Finance. The inclusion of BES companies and the changes in the tax treatment of certain investments in companies floated on the DCM announced in the Budget also provided a welcome boost for the market.

The key to its success would, however, be the level of liquidity it could achieve. Mr John Con don of KPMG said it would take a full year's trading of the DCM before its success could be properly gauged.