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August 26, 1998

GERMAN SOFTWARE FIRM PSI BUILDS BOOK FOR 31 AUGUST IPO

By CBR Staff Writer

German software vendor PSI AG has set the price range for the bookbuilding process prior to its IPO, due to be held on Frankfurt’s Neuer Markt in Frankfurt on 31 August. This process, whereby the lead manager banks handling the operation (in this case, the Deutsche Genossenschaftsbank and the Bayerische Vereinsbank) offer blocks of shares to the investor community, will use as a reference range, minimum prices of $20.83 and maximum prices of $25.83. The lead managers will announce the actual starting price on August 28. Berlin-based PSI will be selling 2.17 million shares in the operation, hoping to raise between $45m and $55m as a result. Of this total, PSI founder and board member Dietrich Jaeschke said at the beginning of this week that he intends to use around 75%, or around $38m, on expansion in the US. There the company will be seeking strategic alliances with local partners for its subsidiary, Psipenta USA Inc of Newton, Massachusetts.

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