Flotation scheduled for SAP unit

SAP, Europe's largest ERP software company, is set to IPO its systems integration unit on Nasdaq by 13 September, with the intention of raising up to E181m (£110m).

SAP, Europe's largest ERP software company, is set to IPO its systems integration unit on Nasdaq by 13 September, with the intention of raising up to E181m (£110m).

The flotation, which comes after poor results for the first quarter, will allow the company to develop its interests in non-SAP software. Pundits will welcome the move, as SAP has been criticised for slowing down and allowing its dominance of the ERP market to slip away. It has even been seen as a possible acquisition target. Friday saw SAP shares gain over five per cent, to reach a five-month high of E300.1 (£183.6).
On Friday, joint lead managers Commerzbank and HypoVereinsbank set the price range for shares at E16 to E19 (£9.7 to £11.7). SAP SI will issue 4.8m shares, with current stockholders selling 3.9m shares.