Matheis said in New York he was convinced that SAP, which will list American Depositary Receipts (ADRs), would become the most actively traded of the five German companies represented on the New York Stock Exchange.

SAP executives said that the listing will spur what has already been strong US interest in the company and will boost its profile in the US where the software market is crowded with giants such as Microsoft.

Analysts expect SAP ADRs to start trade in New York priced at about $60. SAP ADRs are already traded in New York over the counter and with todays listing, the company will change the number of ADRS that equal one of its preferred shares.

With the change, 12 ADRS will represent one preference share. Previously three ADRS had equalled one preference share.

SAP has longbeen a favourite target for American investors who already hold about 21 per cent of the company.

North America is SAP's largest market. Sales there climbed 87 per cent to 2.6 billion marks ($1.5 billion) last year to equal more than a third of SAP's 6.02 billion marks in global sales.

SAP's most important product is its R/3 programme which is used in inventory and book-keeping.

The four other German firms to have listed shares in the US are Daimler-Benz AG, Deutsche Telekom AG, Hoechst AG and Veba AG.