Trading in the shares of the Irish recruitment company, Marlborough International, will begin today despite the heavy falls in the Dublin and London markets. Marlborough will place 10.4 million shares on Dublin's Development Capital Market and on the Alternative Investment Market in London at 96p each. The company says it would rather be listing at a time "of more bouyant market conditions", but says that companies with small market capitalisations have "not been too badly hit". Because the institutions involved hold shareholdings of no larger than 3 per cent, they may not decide to sell their shares at this stage, say market sources.

Among the institutions subscribed for shares are Standard Life, Scottish Provident, AIB, Bank of Ireland and Irish Life.

Some 350,000 shares were purchased by Marlborough International staff, while the remainder of the shares have been taken up by about 100 private investors.

Marlborough says that recruitment companies already listed in London have not seen share values eroded as much as other stocks.

Marlborough Recruitment never considered calling off the listing, said a spokesman. By last Friday, all institutions had paid for their shares, so it would have been difficult to postpone the listing.

The placing price gives Marlborough a market capitalisation of £25.4 million and raises £6 million for the company.

A "lock in" arrangement for all executive shareholders has been agreed for the duration of a year after the flotation.

Market expectation was that Marlborough International shares would trade up from their initial price of 96p to about 110p, but it is now difficult to see that price being reached.

Marlborough International has now agreed service agreements with all its directors and senior management.