It placed 28.04 million shares at 28p each, valuing the company at £7.57 million.

TAOLT’s directors hold a 54.7 per cent stake in the business. Chief executive Eytan Levi owns 8.4 million shares, a 30 per cent stake.

Based in Istanbul, TAOLT is the holding company for Mandal and Atlas On-Line Iletisim Sistemleri Ticaret after buying the businesses in July 2006. It is looking to make further acquisitions.

TAOLT serves businesses in Turkey, which deregulated its telecommunications market in May 2004 and now has the fifth largest telecoms market in Europe. As a result, TAOLT has more than 7000 corporate customers.

The company made a net loss of about £357,000 for the nine months to September 2006.

Atlantic Law was corporate adviser to the company.