Dutch information technology company Tulip Computers (TULN.AS: Quote, Profile, Research) said on Monday it would list its German unit Devil AG on the Frankfurt stock exchange, using the proceeds to fund Devil's growth.

The company said in a statement it would list 2.85 million shares including 2.5 million new shares and that it would keep a controlling stake in Devil.

Tulip said it would announce the price range of the shares on May 7, while investors can subscribe from May 8 until May 14.

It expects Devil to have a listing as of May 20 on the German exchange.

Devil is one of Germany's leading IT distributors and had sales of about 322 million euros ($498 million) in the fiscal year 2006/07, of which 90 percent in Germany, and earnings before interest and taxes of 2 million euros.

After the listing Devil will have 7.5 million shares outstanding, with a free float of about 38 percent.

Tulip said it wanted to use the proceeds of the listing to increase the unit's product line and its client base.