Baltimore is listed on London and on the Nasdaq. Marketing director Mr Paddy Houlihan explained that its London listing arose from its merger with Zergo. "It would have made no sense with a London listing to take another listing in Dublin because Dublin and London are more or less the same.

"In the high-tech world your list is watched as much as your business, and for us it was important to list on Nasdaq. It is good for your business to list in the right market. Our customers in the US like to see a commitment to the US, and a Nasdaq listing is a good sign of this commitment," he explained.

Baltimore took a secondary listing on the Nasdaq and raised $170 million in a global offering at the same time. On the costs involved, Mr Houlihan said underwriting and legal costs tended to be higher in the US but depended on how much a company is raising on flotation.

The benefits of a Nasdaq listing revolve around the liquidity of the market as a specialist technology market which enhances a company's ability to raise funds there, and the visibility it gives a company vis-a-vis its customers and investors.

But he said every company must assess its own best listing location. Issues such as its long-term business growth strategy, where it wanted its shareholder base to come from, and where it needed visibility must be considered.

It is important, wherever a company floats, that it is able to deliver on its promises and that it has a good business plan and management team in place.

And he warned that management must not take its eye off the business during the planning and implementation of the flotation process.