Analysts have praised Dresdner Kleinwort Benson and Cazenove, the lead managers on the Energis secondary offering, for successfully pricing the deal and placing it quickly in a market that is still highly choppy for telecom issuers.

DrKB and Cazenove, which opened the books for just two days on the UK telecom company's secondary share sale, priced the deal on Thursday at 515p. The lead banks sold 77.7 million shares in Energis, which is listed on the London Stock Exchange, raising £400m (€667m) for the company. The offer was made available solely to institutional investors.