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INTERSHOP in Germany Goes Public

INTERSHOP Communications Inc., a provider of electronic commerce software, announced the completion of a public offering by its parent company INTERSHOP Communications AG on the Neuer Markt of the Frankfurt Stock Exchange.

The public offering of 1.8 million shares of common stock at an initial public offering price of $54 per share was completed on July 16. The delay in the announcement was not explained. The ticker symbol is ISH.

The offering was managed by an international group led by Bank J. Vontobel & Co AG, and co-managed by Commerzbank AG, Hambrecht & Quist and Oppenheimer.

Proceeds of the offering will be used for working capital and general corporate purposes, the company said. In addition, INTERSHOP Communications AG said it may use a portion of the net proceeds to acquire or invest in other businesses or technologies.

For 1997, INTERSHOP Communications AG reported a near ten-fold increase in revenue of $5.7 million, up from $600,000 in 1996, with a net loss of $7.9 million for 1997.

INTERSHOP offers end-to-end, storefront-to-backoffice electronic commerce apps. The core INTERSHOP 3 product line enables service providers, telecommunications companies, merchants and other businesses to create business-to-business and business-to-consumer electronic commerce solutions over the Internet, intranets or extranets.