Tomorrow Rapid Technology begins trading on the DCM in Dublin and the AIM market in London, and judging from the reported level of subscription to its placing, the shares should trade up handily from the flotation price of 107p and 95p sterling. The markets are in fine fettle over the past week, and anything less than a 10 per cent premium over the flotation price will be something of a disappointment.

Rapid has gone after institutional shareholders, but private investors might consider buying into the company, to capitalise on its special status on the DCM. Because, Rapid is taking a DCM listing, private investors will be able to include the stock in Special Portfolio Investment Accounts.

Company adviser Dolmen points out that if Rapid achieves its ambition of adding a NASDAQ listing to its existing DCM and AIM listings, it could be one of the first Irish companies where Irish investors will be able to participate in the high multiples that apply to NASDAQ companies through their 10 per cent tax SPIA account.