Shares in the bathroom products group Qualceram soared to a 20p premium on their first day's trading on the Irish market, putting a value of £22.7 million on the company and valuing the founder shareholders' 64 per cent stake at almost £14.5 million.

Dealers said that the shares were well received in both Dublin and London and showed that there was institutional appetite for smaller Irish companies. From the placing price of 150p, the shares dealt up to 160p, then 165p before closing on 170p.