GERMANY - Tough first day for listed Versatel

Apax Partners portfolio company Versatel AG has listed on the Frankfurt Prime Standard. The company placed approximately 28.5 million shares at an issue price of EUR 29 per share, raising a gross amount of approximately EUR 830m. The issue price was at the bottom end of the bookbuilding range of EUR 29-36. On its first day of trading the stock fell a low of EUR 26.76 and slightly recovered to around EUR 27.5 towards the end of the trading day.