VersaTel Telecom International NV-(VRSA) Message Board

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Technology Stocks : VersaTel Telecom International NV-(VRSA)

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To: Dirk who wrote (9)	7/23/1999 10:24:00 AM
From: Mohan Marette	Read Replies (1) of 73

VersaTel International Shares Surge on First Day of Trading Bloomberg News July 23, 1999, 6:55 a.m. PT Amsterdam, July 23 (Bloomberg) -- VersaTel Telecom International NV rose as much as 20 percent on the Dutch company's first day of trading. The stock climbed as high as 12 euros, up from the initial public offering price of 10 euros announced this afternoon. VersaTel's offering raised 21.25 million euros ($22.3 million) for existing shareholders and for the company to complete its network. The total number of shares to be sold is 21.25 million, of which 19 million are new. VersaTel is raising money to fund the building of its fiber-optic telecommunications network, which aims to reach all 90,000 businesses within one kilometer of its cables in the Netherlands and Belgium. It's counting on the dense population, rapid deregulation and fast-growing Internet use in the region for its success. The sale managers, Lehman Brothers Holdings Inc., have an option to sell an additional 3 million shares. Some of the shares sold are American depositary shares, to be listed on the Nasdaq exchange. The rest will be listed in Amsterdam.

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