Babylon soars on Wall Street offering plans

Shares in the online translation services company are rising strongly for the second consecutive day after it said it was considering a New York offering.

Shares in online translation services company Babylon Ltd. (TASE:BBYL) are continuing to soar today, bucking the market, after announcing on Thursday that it was considering listing its securities on Wall Street. It added that it had not yet decided about the company value, the size, terms or timing of the offer, or even if it will be held.

"Globes" reported that the Royal Bank of Canada Inc. and Citigroup Inc. (NYSE: C) were among the banks that have approached Babylon about the planned offering, and that the company value for it could range from $800 to $1.1 billion - 2-3 times its market cap on the Tel Aviv Stock Exchange (TASE).

Babylon's revenue rose 242% to NIS 113 million for the first quarter of 2012 from NIS 33 million for the corresponding quarter, and its net profit rose 243% to NIS 14.4 million from NIS 4.2 million.

Babylon's share price rose 6.8% by early afternoon today to NIS 38.37, giving a market cap of NIS 1.7 billion, after rising 6.2% on Thursday.

Published by Globes [online], Israel business news - - on July 22, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

View comments in rows
Update by email about comments talkback
Your name
Please insert your name
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס Capital  Markets Conference 2017