In the wake of successful Israeli firms’ IPOs this past year such as the recent one by CyberArk, the Trendlines Group, an Israeli bio-medical investment firm, is moving forward with its own offering in Canada.
The firm hopes to raise $9.5 million Canadian (US$8.5 million) in the offering, and most of the shares have already been allocated. This would give it a valuation of $80 million (US $71.7 million).
There was no word as to why it chose Canada instead of NASDAQ, but maybe it felt that the New York Markets were overcrowded with Israeli high tech firms and wanted to be listed in a country where it would stand out more.
Trendlines invests in, incubates and supports early stage, high-promise medical and agricultural technology companies in Israel, a global leader in startup ingenuity. It declares that it does so with passion, in partnership with innovators and investors, in an environment that encourages curiosity and fosters collaboration.
The firm asserts that it creates and develops companies to improve the human condition.
Trendlines filed with authorities in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba and Nova Scotia, and plans to sell over 2, 638, 889 ordinary shares at $3.60 (US$3.23) per share. The offering was delayed from last summer because of the fighting in Gaza and is now expected to close on September 30th.
The IPO is led by Octagon Capital Corporation and including Euro Pacific Canada Inc., Paradigm Capital Inc. and M Partners Inc.
Trendlines Group was founded in 2004 by Todd Doloinger and Steve Rhodes, American immigrants to Israel that founded it as a business consulting service for medical companies, which then expanded to the agritech sector. It has incubated 53 companies to date.
The company has three separate business units; Trendlines Medical, which focuses on the discovery and development of novel medical device technologies with a focus on improving medical outcomes while reducing costs; Trendlines Agtech, which focuses on the discovery and development of new agricultural and food technologies addressing a wide range of agricultural needs focused on increasing food yields and reducing costs, with an emphasis on sustainability.