Brainsway IPO four times oversubscribed

This is the first time that an IPO by a biomedical company closed at the top of the price range.

Brainsway Ltd., which is developing a non-invasive magnetic therapy for clinical depression, yesterday completed the public phase of its IPO on the Tel Aviv Stock Exchange (TASE). The company raised NIS 33 million in shares and warrants, at a company value of NIS 110 million.

The offering was oversubscribed more than fourfold at the maximum price. This is the first time that an IPO by a biomedical company closed at the top of the price range. In the institution tender last week, the company received orders for 80% of the offering, which was oversubscribed 1.4-fold.

Clal Finance Underwriting Ltd. and Gaon Underwriting and Investment Ltd. were the underwriters.

Published by Globes [online], Israel business news - www.globes.co.il - on January 2, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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