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SAP SI surges in debut
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September 13, 2000: 5:24 a.m. ET
Shares of software consulting arm of SAP almost triple after Frankfurt IPO
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LONDON (CNNfn) - Shares of SAP Systems Integration AG, the software consulting arm listed Wednesday by German software maker SAP AG, almost tripled in value in their first day of trading, valuing the company at close to  1.9 billion ($1.65 billion).
SAP SI stock surged more than 178 percent to 53 in early trade on the Neuer Markt, the high-tech growth market of the Frankfurt Stock Exchange, from an initial offering price of 19. It settled back to 45 euros by mid morning, still more than double its value out of the opening gate.
The much-anticipated issue was roughly 56 times oversubscribed, thanks to strong demand from retail and institutional investors, even as demand for most technology related issues has sagged. SAP makes software that can be used for security and for tracking people, among other things.
SAP SI became a separate company in April when SAP Solutions GmbH, SAP Systems Integration GmbH and SRS AG merged. Parent company SAP [FSE:FSAP3] retains 53 percent of SAP SI.
The company sold some 8.7 million shares, equal to about 24.4 percent of SAP SI.
Shares of SAP slipped 0.15 euro, or 0.5 percent, to 280.50. 
-- from staff and wire reports
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