Shares of Deutsche Telekom, Germany's former state telephone monopoly, rose an unspectacular 2 per cent on their first trading day, when 285 million shares went on the market in a secondary offering that raised roughly #9.8 billion (£7.7 billion).
Around 2,500 Irish investors have put funds into the company.
Traders said the rise underscored how little upward potential there was until Mr Ron Sommer, Deutsche Telekom chairman, announces acquisitions to back up the company's pledge to become a global player present in all big markets.
Deutsche Telekom has a war chest worth roughly #17 billion, analysts say - enough for a serious acquisition spree.
While the company is known to be eyeing acquisitions, possibly in Britain and the United States, it has declined to say where deals are likely. Nor has it given a timetable.
Investors are growing impatient, demanding that Mr Sommer fulfil his promise to pursue acquisitions in fast-growing areas such as mobile phones and Internet services, in order to reduce the company's reliance on the home market where it competes with dozens of rivals.
"Deutsche Telekom has pledged to become big, and it has to do that now," said Mr Robert Halver, analyst at Delbruck in Frankfurt.
But he added that Mr Sommer might wait a little longer, possibly until the end of the summer, until rumours about possible purchase targets die down and prices steady.
Deutsche Telekom shares closed yesterday at #40.30, up 0.80. On Sunday, the company had set the share price at #39.50.
Irish investors sought to invest £40 million (#51 million) in the issue and most will get about half the amount they were looking for. Deutsche Telekom is one of five buyers shortlisted for UK mobile phone group One-2-One.
In addition, it may want to increase its 10 per cent stake in Sprint of the US.
Mr Sommer is also talking to Cable & Wireless, "which has no interest in being marginalised by [competitor] British Telecommunications", said Mr Halver.
Cable & Wireless would give Deutsche Telekom direct access to Asia.
"If you want to be one of the big players, you have to be one in all the main markets - Asia, the US and Europe," he said.
A US Baby Bell could also be a potential partner, analysts say.
