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 - www.globes-online.com - on July 22, 2012

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

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