Omen Metal Casting, an Israeli company, specializing in high-compression manufacturing of aluminum and brass casting, has been forced to lower its expectations for the firm’s upcoming IPO. Omen had hoped to raise as much as NIS 200 million ($56.563 million) on the Tel Aviv Stock Exchange, but has now cut that to NIS 120 million ($33.94 million) in its new draft prospectus due out in September.
Globes reports that the reduction resulted from the demands of potential investors who felt that Omen had overvalued itself.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Ariel Halperin’s Tene fund, which first invested in the company in 2006 and which currently owns 28% of Omen’s shares, is expected to sell most of its stake in the IPO. This means that Omen will not be bringing in new funding from it.
The company makes 99% of its sales outside of Israel and Omen’s 2013 revenue totaled NIS 155 million, a 2.5% increase over 2012. It was founded in 1946 on Kibbutz Hatzor, Israel.
