Eircom may float at lower end of target

Eircom is set to sell shares in its €830m initial public offering at €1.53 to €1.61 apiece, at the lower end of its target, according to a market source quoted in a Reuters report.

The telecom company is to be re-listed on the Dublin and London stock exchanges tomorrow. The stock had previously been on sale for €1.48 to €1.75 apiece. Banks managing the sale completed taking orders for stock at 2 p.m. in London earlier today.

Investors including Tony O'Reilly,Soros Private Equity, Providence Equity Partners and Goldman Sachs Group, which bought Eircom in 2001, plan to sell their entire stakes.