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Mtomy Announces Withdrawal of its IPO on the London Stock Exchange. Demand from European investors did not meet the threshold criteria.
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Matomy Media Group Inc., controlled by adman Ilan Shiloach, has called off its IPO on the London Stock Exchange, because the digital media company could not meet listing rules that require it to attract at least quarter of investors from the European Economic Area, and because of share price volatility in the sector.
The company had planned to raise £60 million ($100 million) at £3.05-3.90 per share, giving a value of £284-346 million ($400-500 million). “Matomy is a fantastic company. I am proud of all the hard work my team has done over the past eight months. This is a technical setback, which although disappointing, will not stop us striving to achieve our ambition to become one of the world’s leading performance-based marketing companies, ” said CEO Ofer Druker. Matomy’s spokesman said that it was a shame that a technicality forced the cancellation of the IPO, given that there was massive demand for the shares in the US, which had more than been covered the amount on offer.
Shiloach owns 28.5% of Matomy, Viola Private Equity owns 20.5%, Druker owns 8.8%, and Nir Trabelsi owns 7.3%.
Published by Globes [online], Israel business news – www.globes-online.com
