The first IPO on the London Stock Exchange's main market since July has got away to a strong start - despite coming from the downtrodden telecoms sector.

Shares in Vanco, a UK-based virtual network operator, rose 15% above the issue price on their first day of trading. Williams de Broë, the UK stockbroker, was sponsor and underwriter for the placement of 13.5 million shares at 103p, which valued Vanco at £52.5m (€85.3m). Shares started trading at 118p.