raising sufficient capital from Bermuda investors, financial analysts agreed.

When the company's initial public offering was announced, TeleBermuda needed to sell about 500,000 shares, or about $4.2 million, to Bermudian investors to satisfy a requirement that at least 20 percent of the company must be Bermudian-owned.

At May 31, 1996, about 1.4 million TeleBermuda shares had been issued at prices of $1.50, $3 or $5 each.

Though the offering, which includes 3.6 million shares at $8.50 each, ends August 31, First Bermuda Securities Ltd. had guaranteed that all orders placed by Bermudians by last Friday would be filled.

Yesterday, a First Bermuda Securities spokesperson would only say that the firm was "gratified'' with the response so far.

Though the shares are for "a certain type of client,'' Emerald Financial Group senior financial consultant Ingrid McKenna said she believed TeleGlobe will raise the requisite amount locally.

"We've had a number of calls and talked with a number of clients about the offering,'' she said.

Bermuda Investment Advisory Services Ltd. financial analyst Mark Melvin said that firm declined to be involved with the offering "not necessarily because it was a hard sell'' but it might be a "tough'' sell.

"Bermudians, when they buy local shares, love dividends,'' he said.

TeleBermuda, in its prospectus said that "the company has no plans to declare a dividend for at least four years''.

He also said, to TeleBermuda's credit, they have "the right people'' involved, specifically CIBC Wood Gundy Securities Inc., agents placing the offering in Canada and the US, and TeleBermuda chairman Michael Kedar.

GulfStream Securities Ltd. managing director Carolyn Hall said: "It is hard to know, from an investors point of view, if it will be fabulous or mediocre.

"The fact that it can be 80 percent foreign-controlled bodes well compared to other offerings we've seen of this nature in Bermuda.''