Umbro makes the England kit

The UK firm, which has timed its market debut ahead of June's Euro 2004 in Portugal, saw dealings start at 100p.

The original trading range for the new shares had been 150p-190p, which would have valued the company at up to �202m.

Investor demand lifted the share price to 109.5p ahead of full unconditional trading to begin next Thursday.

Umbro also said Doughty Hanson - the venture capital firm that owns 83% of the company - is to retain a 57.4% stake.

Flotation costs

The firm, which uses Liverpool star Michael Owen as its frontman, hopes to expand into branded footwear and the US market, while capitalising on the England team's popularity during this summer's European Championships in Portugal.

Chief executive Peter McGuigan said: "We are delighted that we have been able to proceed with Umbro's flotation despite weak equity market conditions."

On flotation, the former professional footballer will reap �2.7m ($4.95m) in accrued dividend payouts and redemption of preference shares with his 6.8 million share holding.

The shares sold will represent 35% of Umbro's enlarged share capital. Proceeds will be used to pay accrued dividends, redeem preference shares and pay the flotation costs of �5.2m.

Big name clubs

A new management team was put into position five years ago and built up the company's market position.

As well as the England national team, the Cheadle-based firm is also associated with 150 leading professional clubs worldwide, including Chelsea and Glasgow Celtic.

It employs around 190 people in the UK but sources products from recognised manufacturers in Asia.

Earlier this year Oxfam raised concerns about the conditions in some factories in Asia that are used to make sports products for Umbro and other big-name brands.