German vendor of e-commerce solutions for banking, brokerage and payment over the internet, Brokat Infosystems AG, set the upper limit of its bookbuilding price range for its initial public offering on Wednesday, raising some $78m (at $1 = DM1.69m) with the sale of 2.05m shares at $37.86 each. The shares debuted yesterday on Frankfurt’s Neuer Markt, opening at DM84 ($49.70). However, with markets across Europe falling in response to Fed chairman Alan Greenspan’s remarks on interest rates the previous day, the German hi-tech exchange closed down 4.53%, slightly less than the 4.99% fall on the main Deutsche Borse. Brokat’s own stock fared relatively well by comparison, ending the day down 2.78%, at DM82.70.
