Miracle Holding AG Opens 54% Above Offering Price

The shares of Miracle Holding AG, a software company, were traded today for the first time on the SWX Swiss Exchange. The offering price was set Wednesday evening at CHF 240. The opening price in SWX dealings stood 54% above that level at CHF 369.00, representing a total market capitalisation for the company of CHF 406 million. According to the offering prospectus, of the 1,100,000 registered shares shown in the Commercial Register, 500,000, or 45% of its outstanding shares, were to be offered to the public. Should the underwriters elect to exercise their green-shoe option, that proportion could rise to 52%. Miracle Holding AG maintains subsidiaries in Germany, Italy, Great Britain and the USA. With its main product offering, miracle xrp, the firm provides small- and medium-sized European companies with goal-oriented software solutions for implementing new business processes. Aside from Switzerland, Miracle Holding AG focuses its activities on its core market, Germany. For all of 1998, the Group achieved sales of CHF 20.3 million, compared to a total of CHF 22.2 million during the first nine months of 1999. Its primary sources of revenue are licensing and service fees.