While other prospective floatees got stage fright after the Worldcom accounting scandal broke, Mouchel, backed by broker Cazenove, strode courageously ahead to its date with listing destiny.
The strategy was handsomely rewarded with an immediate 6% gain to 135.5p from its listing price of 125p. Since then Mouchel's shares have inched up and were just below the 140p mark earlier this week. This values the company, which specialises in PFI deals, at more than £90m.
But even while the City was welcoming construction's latest addition to the stock market, there was also a warning that the feat was unlikely to be repeated for some time. "With the market in the state it is at the moment, there won't be too many firms lining up to run the gauntlet," said one analyst. "That means that if there are investors wanting out, it will have to be a trade sale."