German technology group Jenoptik AG, which provides optics for electronics, telecommunications and semiconductors, will raise 771.8m DM ($428m) when trading begins in Frankfurt today. It become only the fifth former state-owned east German company to go public after an offer that was 30 times oversubscribed. Jenoptik said the money raised from the initial public offering would be used to develop its core business activities. The company has three divisions – Clean Systems Technologies, Telecommunications Technologies and Photonics Technologies and is aiming for sales of 3 billion marks ($1.6bn) in 1998. Its Clean Systems Technologies division accounts for more than half of its sales. The money raised through the offering will be used principally to develop its Photonics operation, the company said.
