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Sonovia planning IPO by year-end: cto
Posted on Thursday, 21 May 2020 10:10
Israeli face masks maker Sonovia intends to float on Nasdaq by the end of 2020, according to Reuters, citing the firm’s technology chief.
In an interview with the news provider, Liat Goldhammer said the company is in the process of finalising the legal and accounting arrangements and hopes to raise USD 50.00 million from the listing.
However, she added that for a quotation to be successful, the group needs to scale up production.
No further details of the possible initial public offering (IPO) have been disclosed at this time.
Sonovia was established in 2013 and makes face masks using sono-chemical coating methodology, coating them in zinc oxide nanoparticles which destroy bacteria, fungi and viruses.
Although its products are not certified for use by medical professionals in operating theatres and emergency rooms, Goldhammer told Reuters that companies’ keenness to bring employees back to work following the Covid-19 lockdown could result in an upturn in interest.
She noted that its masks will appeal to those concerned about the environmental impact of using single-use alternatives.
Should Sonovia announce an IPO in 2020, it would be the first Israeli company to do so since the start of the year, according to Zephyr, the M&A database published by Bureau van Dijk.
In 2019, there were three such deals worth a combined USD 724.00 million, compared to 2018’s six at USD 170.00 million.
The most valuable Israeli IPO of 2019 was worth USD 471.53 million and saw credit card services provider Isracard unveil plans to float in Tel Aviv in April.
Other companies based in the country which revealed their intentions to go public last year were supermarket operator M Yochananof & Sons and Tufin Software Technologies, in deals valued at USD 144.29 million and USD 107.80 million, respectively.
© Zephus Ltd