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Boerse jumps on debut
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February 5, 2001: 6:22 a.m. ET
German stock exchange operator makes a splash in Frankfurt trading
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LONDON (CNN) - Shares of Deutsche Boerse jumped on their trading debut on Monday as investors clamoured to get a slice of the German stock exchange operator.
Deutsche Boerse, which is raising some  1 billion ($940 million) from its initial public offering, rose to 365 in morning trade, up 9 percent from its IPO price of 335.
"After the float we'll have a significant acquisition currency, a double A-1 rating from Moody's (Investor Service), and a treasure chest stuffed full to bursting, so we can play a major role in the consolidation of Europe's stock exchange and clearing landscape," Werner Seifert, Deutsche Boerse chief executive, told reporters in Frankfurt.
Seifert has been at the forefront of changes to the formerly staid world of stock exchanges, and has bolstered Frankfurt with a heavy commitment to spending on technology.
Traditional European exchanges have come under pressure from new forms of electronic stock trading platforms.
Deutsche Boerse, Europe's largest stock exchange with its market value of some 3.7 billion, failed in its attempt last year to buy the London Stock Exchange.
The Frankfurt-based exchange, which is majority-owned by a collection of banks, floated about a third of its capital, or 3.2 million shares, consisting largely of a capital increase of 2,546,000 shares and 390,000 in a "greenshoe" option in the event of excess demand.
A further 264,000 shares are being sold by the banks, brokers and regional exchanges which currently own the group.
Deutsche's trading performance will be widely watched by other bourses, especially Euronext which is planning to go public in May. Amsterdam, Brussels and Paris merged last year to create Euronext, Europe's No. 2 exchange.
Based on its market capitalization, Deutsche Boerse is bigger than Sweden's OM Gruppen, which is valued at about $2.2 billion, while the London Stock Exchange is worth about $1 billion. London is Europe's largest stock exchange by the value of stock traded, followed by Euronext and Frankfurt. 
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