Milim to raise $1.5m on London’s OFEX at $3.2m value

Milim Writing and Translation Services will hold its IPO in October.

Milim Writing and Translation Services Ltd. is expected to raise $1.5 million in an IPO on London’s OFEX, the third largest exchange in the city. The underwriter is Ruegg & Company Ltd., and MG Equity Partners, headed by managing partner Amir Raveh, is the advisor.

Milim CEO Benny Orr said the company hoped for an initial company value of $3.2 million, after money. Founded in 1987, Milim provides translation and localization services, technical writing, training, design, printing and publishing. The company’s customers include Hewlett-Packard (NYSE:HPQ), Motorola (NYSE:MOT), Orange (LSE:OGE), Siemens (NYSE:SI; XETRA:SIE), Sony (NYSE:SNE; TSE:6758). Milim translates training manuals for Motorola’s new handsets. Orr describes Milim as “an old economy company that works for the new economy.”

Milim is a privately owned company wholly owned by Israel Air Force veterans Orr and co-founder Jacob Douk, Milim's COO. Orr says Milim has financed its business only from equity and working capital. The company has 20 employees and almost 50 subcontractors. Orr says Milim is profitable, with a net profit margin of 25-30%.

If Milim’s IPO goes ahead as planned, it will become the second Israeli company listed on OFEX, after Espro Information Technologies Ltd. (OFEX:ESP).

Published by Globes [online], Israel business news - www.globes.co.il - on August 16, 2005

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