On Thursday Enzymotec Ltd. (Nasdaq: ENZY) shareholders raised a gross $131.6 million in an offer to sell of 4,698,857 shares at $28 per share. The offer to sell was originally planned to total four million shares. The share prices fell 4.6% on Friday to $27.90, giving a market cap of $597 million, fell a further 1.4% in after-hours trading.
The underwriters - Bank of America Merrill Lynch, Jefferies LLC, Wells Fargo Securities LLC, Canaccord Genuity Inc., and Wedbush Securities Inc. - have a 30-day option over-allotment option to buy up 704,828 shares, which if exercised, will boost the offering by a gross $19.7 million.
Enzymotec, a developer of specialty bioactive lipid-based products and solutions, has not yet disclosed an updated breakdown of its shareholders. Galam Group, owned by Kibbutz Ma'anit, is the biggest shareholder, which reportedly sold shares for $46 million, reducing its stake to around 22%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014