IceCure Ltd. has become the first biomed company to go public on the Tel Aviv Stock Exchange (TASE) this year. Last night, the company completed the public tender of its IPO, raising NIS 6.6 million. Orders from institutions in last week's institutional tender totaled NIS 31 million. Underwriters placed NIS 1 million in orders, bringing the total gross proceeds to NIS 38 million.
Just completing the IPO is a major success in itself, after five biomed companies either cancelled or postponed TASE IPOs in the second half of 2010.
Participants in IceCure's institutional tender include venture capital funds that previously invested in the company: Giza Venture Capital, which ordered 22% of the units in the offering; Docor International Management Ltd. (5.5%); and Bridge Investments (2.4%). This is therefore not the usual case of venture capital funds making an exit on the IPO of a portfolio company; actually, the opposite occurred.
Other institutional investors in the IPO were Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (30%), Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) (7.2%), Proxima Ltd. (4%), Kidma Ltd. (4%), Menorah Mivtachim Holdings Ltd. (TASE: MORA) (3.5%), and Altshuler Shaham Ltd. (3.5%).
Leader Underwriters (1993) Ltd. led the offering. The Leader Capital Markets Ltd. (TASE:LDRC) unit previously led offerings of biomed companies ProCognia (Israel) Ltd. (TASE:PRCG), Mazor Robotics Ltd. (TASE:MZOR), and Pluristem Therapeutics Ltd. (Nasdaq:PSTI; TASE: PLTR; DAX: PJT), among others.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2011
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