Esat Telecom shares will begin trading on New York's NASDAQ market tomorrow in the initial public offering of six million shares. The shares are expected to be (local time). Analysts are bullish about ESAT's prospects. "It is expected to trade at a nice premium above the offering price ", according to Mr Martin O. Teevan, vice-president at Robb Peck McCooey Clearing Corporation in New York. "Although it is considered a pretty small deal these days", he said, "like Ryanair it should be another roaring success".

Experience has shown that a lot of telecommunications and cellular phone companies have had valuations at exorbitant prices and so in the words of one analyst who did not wish to be named it has "pretty rosy prospects". Last week, of the 13 IPOs that traded on Wall Street, each one traded higher than the price at which they came to the market. That shows the market appetite for new issues.