The German branch of Goldman Sachs & Co has begun the bookbuilding process for Munich-based software house iXOS Software AG, offering shares in the range DM165-DM195 ($98-$116) and ADRs at $19.41-$22.94. The company’s first trading day on both the Neuer Markt in Frankfurt and New York’s Nasdaq is scheduled for October 7 (CI, No 3,496). Bookbuilding actually began on September 21 and runs through to October 5, so that the issue price will be defined the day after the book closes. The company produces client/server software for the management of business documents in an SAP R/3 environment and plans to sell 605,000 notional non-par value shares in the initial public offering, 530,000 of which will be in new shares, with the other 75,000 coming from two existing shareholders. In addition, there is a 95,000-share greenshoe option granted to the underwriting syndicate, led by Goldman, Sachs and with Deutsche Bank, BHF-Bank and Hambrecht & Quist Euromarkets as other members. The company said that, as a result of the capital increase and assuming the exercise of the greenshoe, it should receive proceeds of DM103m-DM122m ($61m-$72m), which it intends to use to support further growth. The Nasdaq listing is explained by the fact that iXOS is already well represented abroad, with markets other than Germany housing a quarter of its staff and being responsible for more than 45% of revenues. Figures converted at DM1.68.