ITGI Medical raises NIS 25m in TASE IPO

ITGI Medical Ltd. has raised NIS 25 million in its Tel Aviv Stock Exchange (TASE) IPO at a company value of NIS 63 million. This is the first IPO of a medical company on the TASE in the third quarter, following a record number of IPOs during the preceding quarter. The company earlier merged with Cypriot company Design and Development Ltd.

Even though ITGI held its IPO quietly, with no PR, the offering was oversubscribed by more than 100%.

Design and Development was founded in 2003 by Israeli and South American entrepreneurs Zvi Boms, Carlos Waunderwalla and Fausto Massias, who market cardiology equipment in Latin America. The company CEO is Efri Argaman.

ITGI develops stents that are coated in living tissue.

Published by Globes [online], Israel business news - www.globes.co.il - on July 5, 2007