Shares in Northumbrian Water, the UK utility recently spun out of French utility Suez, are trading up on their debut, a sign of success for its innovative £2.2bn (€3.1bn) deal structure.

The listing of Northumbrian on London's Alternative Investment Market (AIM) was led by Collins Stewart, the UK broker, Ecofin, the water and power boutique, and Deutsche Bank. An acquisition vehicle, Aquavit, bought Northumbrian and listed it immediately, with the proceeds going to Suez.