UK company starts ball rolling at Euro exchange
Shares in three companies are expected to start trading this week on Easdaq, the pan-European stock market that models itself on the US Nasdaq exchange.
The largest of the three is the UK anti-virus software company Dr Solomon, expected to have a market capitalisation of $300m. Belgian group Innogenetics is likely to be valued at $240m, while French ‘smart card’ company ActivCard will be worth $130m.
Erik Hallman, head of admissions at Easdaq, said the market has been deliberately slow to take off since its official launch on 30 September: ‘We were looking for quality. We did not start up with a big fanfare of companies, half of which would default in the first six months.’
He added that many European investment bankers have found it difficult to adapt to the market’s Anglo-Saxon-style rulebook: ‘A number of continental players have had to learn the hard way what proper due diligence is,’ Hallman said.
Easdaq also wants to attract some of the 106 European companies already are listed on Nasdaq. Hallman claims that many have expressed interest in seeking a dual listing.
