The flotation of the British holiday group, Thomson Travel, on the London market has already proved to be one of the most popular share issues with investors for nearly 20 years.

In Britain, the share offer was more than three times oversubscribed, with investors scrambling to take-up the shares at the higher-than-expected issue price of £1.70 sterling. Those lucky enough to get their hands on them have already made a paper profit, with the shares trading strongly ahead on the informal grey market.

One of the big attractions for investors was the company's offer to give shareholders a 10 per cent discount on Thomson Travel holidays in the catalogue, which are sold through its subsidiary, Budget Travel, in Ireland.

Irish investors, with the exception of Budget Travel staff, were precluded from subscribing for the shares, but may be able to pick some up when they begin trading in London. Many private investors will, however, be likely to hold onto their shares for some time and presumably go on lots of holidays!