Swedish state telecoms operator Telia has picked up a theme from Eircom, in which it has a 14 per cent stake. The egalitarian-minded Swedes have decided the partial sell-off of the company should be aimed at attracting as many shareholders as possible to the telecoms operator.

"I'd like to see a million people," Industry Minister Bjorn Rosengren told a news conference. "There'll be no rebate system and no lottery. Everybody who wants can sign up."

Mr Rosengren said foreigners and institutional investors would be able to acquire Telia shares, but he made clear that small Swedish punters came first.

While reciting the populist rhetoric that made Eircom such a hit with first-time investors, he would do well to bear in mind the subsequent travails of its Irish interest and be sure to set the price at a level the market will be able to support in the long term.