IPTV co PeerTV files for London IPO

The offering on the AIM will be the first Israeli listing in London in three years.

IPTV solutions developer PeerTV Ltd. plans to hold an IPO on London’s Alternative Investment Market (AIM). The Israeli start-up plans to raise up to £6 million gross at a company value of ₤20 million (NIS 114 million, or $32 million). The 8.58 million shares will be offered at between ₤0.62 and ₤0.72.

The IPO opens this week, and is due to close in the first week of November. Shares will be offered to both institutional investors and the public.

PeerTV plans to offer 34% of its shares. It plans to use the proceeds to capitalize on the opportunities in the Internet TV market. Libertas Capital Corporate Finance Ltd. is the nominated adviser and broker for the offering.

PeerTV's offering is the first IPO by an Israeli company on the London Stock Exchange in more than three years.

PeerTV's technology enables TV service providers to deliver specific, live streamed channels and Video-On-Demand (VOD) to TV sets over the Internet. PeerTV’s customers use its solutions and technology to deliver multi-channel niche content across the globe with appeal to specific communities, in particular ethnic or national communities looking to receive content outside of their place of origin.

PeerTV posted over $5 million revenue in the first half of 2010, up from $3.5 million in 2009 as a whole. Operating profit was $300,000 in the first half and net profit was $200,000.

PeerTV CEO Ronnie Jaegermann said, "The Internet TV market is a great opportunity for PeerTV. Great changes are taking place today, which will change the television industry over the coming years. The Internet makes it possible for providers to offer specialized and customized content and distribute it directly to target audiences around the world."

comScore Video Metrix says that over 21 billion online videos were viewed in the US in July 2009 alone. iSuppli predicts that the number of IPTV devices worldwide will grow from 80.5 million in 2008 to 376.5 million by 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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