OFF to a good start in first dealings yesterday was the Fife paper and

board-maker Inveresk. Issued at 150p and subscribed 6.6 times, the

shares went to a 22p premium in lively demand.

At this level the market is putting a #90m valuation on the company.

Three years ago it was a buy-out from the American group

Georgia-Pacific, with the team led by managing director Stefan Kay

paying #31m.

Inveresk made operating profit of #8.5m last year on almost #88m

turnover. It plans to repay an issue of Preference stock and other

borrowings from its share of the placing proceeds, but is hoping to

expand by acquisition as opportunities appear.

The 831 employees of the company had priority for shares. Around 26%

of the stock was held by 160 staff after the original buy-out.