By 1225 GMT, Punch shares were at 241.5p, up more than 5% on the offer price of 230p.

By that time, more than 13.06 million shares had changed hands, making the stock the 16th most heavily traded in London behind the usual heavyweights such as Vodafone, BP and Shell.

Punch's management had hoped to get the issue to market last week.

But at the last minute, they changed their minds.

Bear market

It had originally hoped to float itself at 250-300p a share, raising £225m to pay off debts and finance its plans for growth.

The new, lower price will strip about £65m off the expected intake.

Punch's management had learned its lesson after the ditching or postponement of a number of high-profile flotations in recent months, in the face of what remains a bear market among investors.

The days of high-ticket share offerings fattening the coffers as eager buyers oversubscribe are long gone.

A sign of how difficult it is to get a flotation of any kind off came earlier this month, as music retailer HMV's shares began trading and promptly sank well below the offer price.