Dealing in shares of eXchange Holdings started briskly this morning with a 10 per cent rise in value in the first few minutes of trading.
The IFA internet service provider announced a placing at 200p per share but early trading saw this rise to 226p within minutes.
The trading debut gave the eXchange a market value of more than £400m.
The eXchange's float price was just below the top end of the range indicated of 170p- 207p .
The eXchange has already posted profits of £4.4m this year and has approximately 10,000 IFAs and produces 47m financial services quotations a year.