Shares in the brewing group Efes Breweries International saw a strong start today on their debut on the London Stock Exchange.

The company floated at an offer price of US$23.25. However, by mid-morning they had risen 20% to US$28.

The Efes placing was five times over-subscribed and the float in the end was worth US$700m. The company raised US$119m of new money from the deal. It is looking to invest in an expansion into Eastern Europe and Asia.

In a statement, chief executive officer Muhtar Kent said: "We are delighted by the reception which investors from all over the world have given to the IPO of our company."

Efes is based in Holland.