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.
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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.