Easdaq Trade Kicks Off Today With Dr Solomon's

BRUSSELS - U.K.-based anti-virus software developer Dr Solomon's Group has won the race to be the first stock listed on Europe's new exchange for growth stocks, Easdaq, and begins trading today, the exchange said.

"Dr Solomon's launches today on Nasdaq and is due to start trading on Easdaq on Wednesday," Easdaq spokesman Chris Pickles told Reuters.

Easdaq said in a statement that Dr Solomon's planned to raise about $96 million to reach total market capitalization of about $300 million. Its initial public offering of 5.7 million American depository shares (ADS) -- representing 17.1 million ordinary shares -- was priced at $17 per ADS.

Goldman Sachs is acting as lead manager, and the stock's initial market makers on Easdaq will be Hambrecht & Quist Saint Dominique in Paris and Beeson Gregory in London.

By 1845 GMT Dr Solomon's was trading on U.S. growth stocks market Nasdaq at $17, down from an opening level of $17-5/8.

Pipped to the post by Dr Solomon's, Belgian biotechnology firm Innogenetics is due to start trading on Easdaq tomorrow after an initial public offering.

It hopes to raise $78 million to achieve a market capitalization of about $246 million.

French "smart card" maker ActivCard SA and Belgian software firm Artwork Systems aim to list on Easdaq in early December.

The pan-European, Brussels-based exchange, which is modeled on Nasdaq, became technically operational on Sept. 30.

It expects to see the shares of a dozen companies traded by the end of January and up to 50 by the end of 1997 with a target of 500 companies listed in the next five years.

These would include some of the 79 European companies already listed on Nasdaq, which are seeking a dual listing.

Trading hours are between 0930 and 1630 central European time (0830 and 1530 GMT).

"Dr Solomon's, Innogenetics, ActivCard and Artwork Systems are exactly the kind of entrepreneurial growth companies that Easdaq is aiming for," Easdaq chief executive officer Jacques Putzeys said in the statement.

"A large number of similar companies have applied for admission and are currently in various stages of discussion with the market authority. There is a clear need for Easdaq, and now that quotations have actually started we expect the number of applications to accelerate," he added.

To be admitted, firms must be supported by at least two Easdaq-registered market makers. They must have total assets of 3.5 million Ecus and capital and reserves of two million Ecus. The Easdaq project originated from contacts between the European Venture Capital Association, the European Commission and various market players.

Nasdaq is one of Easdaq's 91 shareholders that brought about 370 million Belgian francs together to finance its launch.

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