Yavne, Israel--Software producer Valor Computerized Systems Ltd. earlier this week started trading following its initial public offering (IPO) of 5,250,000 ordinary shares on the Neuer Markt of the Frankfurt Stock Exchange at EUR 14.30 per share, valuing the company at about EUR 280m.

Valor has generated proceeds of EUR 42m. The funds accruing from the IPO will be used to finance future growth of their portfolio of innovative software engineering solutions for PCB design-to-manufacturing supply chains.

The company's CEO, Schmil Dolberg, said yesterday that he is satisfied with the results of the company's IPO. "The road show last week was successful," he said, " . . . especially in light of the recent turmoil in the financial markets."

Dolberg admitted that the price was "slightly below what we had originally anticipated due to market conditions."

"Although some investors were hesitant to invest, overall it was a very positive reaction," Dolberg added. He attributed the successful IPO to the strength of the [Dresner] bank, which managed the offering, and the interest in the company itself.

Valor is a worldwide leader in providing software business productivity tools throughout the design to manufacturing PCB electronics supply chain. The company generated global sales of approximately USD 25 million in fiscal 1999 and currently has 163 employees.