Shares in One51 closed at €6 yesterday after its first day of trading on the grey market, valuing the Philip Lynch-led investment vehicle at €714 million.

Dealers reported decent interest for the shares, which opened at €5.75 and traded as high as €6.10, before falling back to close at €6. If the stock was listed on the Iseq index of Irish shares, the €714 million valuation would place it in 24th place in the main market, between United Drug and Irish Continental Group, according to yesterday's closing prices.

The shares are, however, being traded on a grey market organised by Davy, ahead of an expected full stock market flotation next year. This means shareholders can increase and reduce their holdings but only if Davy can find a corresponding buyer or seller. One51 declined to divulge what percentage of the group's shares are held by Mr Lynch or other board members.