One of the largest European technology stock flotations of the year was launched on Tuesday when the Swiss software group, Temenos went public.

Temenos shares began trading at SFr23 ($13) each, valuing the company at around SFr1.19 billion. The group expects its initial public offering to raise around SFr231 million.

The flotation is considered a litmus test for tech IPOs in today's more sober environment where investor expectations have become more realistic after last year's inflated valuations.

The issue price is lower than the expected range of SFr25 to SFr29, reflecting the continuing weakness in technology stocks.

Temenos, founded in 1993, provides software for banks and other financial firms. It has 300 clients in over 80 countries. Revenue in the first six months of the year was around SFr100 million with profit of about SFr10 million.

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