As the application deadline approaches, interest in buying Telecom shares exceeds government expectations.
Up to half a million people may have applied to buy shares in Telecom Éireann, reflecting the huge interest in the biggest ever company flotation in Ireland.
The processing of Telecom share applications begins in earnest this evening.
Almost 400 people work through the night at the Telecom shares processing centre at University College Dublin sorting the hundreds of thousands of applications for shares. It is estimated that there have been up to half a million applications to purchase shares. There is speculation now that the government will offer more shares to the public than to financial institutions. Forty per cent of shares are expected to go to individuals with a further forty per cent going to the big financial houses.
It's now expected that most of the remaining 20 per cent will be given to the public.
There is nervousness about how international share prices are likely to perform in the next few weeks. Possible interest rate hikes in the US could impact the share price in the lead up to the Telecom flotation. The exact share price and allocation will be announced next week.
An RTÉ News report broadcast on 30 June 1999. The reporter is Richard Curran.
