Eircom to raise €831m in latest flotation

Eircom Group, dominant provider of fixed-line telecoms services in Ireland, has set an indicative price range for its global offer of new shares later this month.

The privately-owned company set a price range of €1.48-1.75 per share, valuing it at between €1.107bn and €1.258bn.

The company said it plans to raise around €300m through a primary offer of new ordinary shares, and there will also be a further secondary offer of €531m of existing ordinary shares.

Around 30% of the company will be left in the hands of management and employees following the flotation.

Eircom expects conditional dealings in the shares, which are to be listed on both the London and Dublin stock exchanges, to begin on March 19.

The company plans to pay an 11 cent per share dividend for the year to the end of March 2005.