Investors who want to participate in the flotation of the drinks and snacks group C&C have until close of business today to subscribe for the shares.

The company has insisted that despite turbulent stock market conditions the flotation, the first on the Irish market since Eircom, will go ahead on Wednesday.

It has not disclosed what proportion of the total share offering would be made available to retail investors, although an amount of up to 20 per cent had been expected.

This may now be substantially scaled back with indications that many small investors are shying away from participating in this flotation.

C&C has indicated the shares will be floated on the Dublin and London markets at a price of between €2.60 and €3.60. The company's senior executives and its advisers will meet tomorrow evening to decide on the share price which will be announced on Wednesday morning.

Most analysts suggest the shares will have to be floated at the lower end of the range, at or close to €2.60. Some have suggested the price may even have to be reduced to below €2.60 to ensure the flotation is successful. This would be a great disappointment to the company which will be aiming to keep the price within the range.

C&C is continuing a series of meetings with institutional investors which will conclude tomorrow evening in London. Sources close to the company insist the flotation is being well received and it is attracting a good number of orders for the shares.

Much will depend on how well the stock markets perform today. A sharp drop in valuations could prompt fund managers to revise their orders for shares and reduce the price they are prepared to pay.

Stockbrokers have indicated that investors who participate in the retail share offering are likely to be seasoned investors.

Early last week, as world stock markets plunged, a number of investors who had indicated that they wanted to buy C&C shares had begun to waiver. A recovery in share price values in the latter part of the week did trigger some renewed interest in the shares, according to brokers.

The institutions will be weighing up the extent of retail interest in the shares before placing final orders.

Meanwhile, a number of analysts have issued buy recommendations on the shares if they are priced at €2.60.

Deutsche Bank suggests that investors should take advantage of the current weakness in equity markets to buy the shares. It also points to the uncertainty caused by the recent increase in cider duty in Ireland, which has an impact on C&C's dominant brand, Bulmers, to acquire the shares at an attractive price.

Goodbody Stockbrokers points to C&C's strong track record suggesting the business is capable of growing strongly in the years ahead.

It cautions though that economic growth rates are slowing in the Republic, which accounts for the bulk of the group's profits, and that acquisitions will be necessary if C&C is to emulate its past growth record.

Merrion Stockbrokers highlights its defensive qualities stating the company can continue to achieve above average growth. At €2.60 Merrion said the shares should be attractive to investors.