Mobileye Promo Pic
The Jewish New Year – Rosh Hashanah – begins at sundown Friday night. The year 5783 will end and 5784 will begin. Here is the Jewish Business News list of the top 5 stories about Israeli startups that held their IPOs (Initial Public Offerings) 5783. Israel is not called Startup Nation for nothing, but not every one of the IPOs was a hit.
Mobileye Hit $16.7 Billion Valuation with IPO
Last October, and after a few setbacks, Mobileye finally held its IPO which brought the company a $16.7 billion valuation. Unfortunately, this was far short of the $50 billion that its parent company Intel originally expected. Mobileye raised $861 million from the IPO.
In 2017, Intel bought out the company for $15.3billion.
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Founded in 1999, Mobileye offers autonomous driving and driver-assist technologies, harnessing “world-renowned expertise in computer vision, machine learning, mapping, and data analysis.” The idea is simple: warning systems alert drivers of a possible collision. Eventually, the idea is to have entirely self-driving cars that can avoid accidents entirely… read more here
Delek Group’s Ithaca Energy Holds Largest British IPO 2022 – Then Crashed
Last November, Ithaca Energy, a subsidiary of Delek Holdings, held the biggest initial public offering on a British exchange for 2022. Unfortunately, after the stock’s debut on the London Stock Exchange, it dropped considerably in value.
The IPO left the company with a valuation of 2.5 billion GBP ($2.9 billion). Delek Group offered for sale 105 million ordinary shares in Ithaca Energy, representing 10.4% of the subsidiary’s issued share capital.
However, things went downhill from there. Reuters reported that Ithaca’s shares fell as much as 11.6% below their 250 pence (2.5 GBP or $2.85) issue price, touching a low of 221 pence shortly after midday. At 16:17 GMT, the shares were down 8.1% at 229.70 pence ($2.62).
Founded in 2004, Ithaca Energy is an independent oil and gas operator in the North Sea. Ithaca Energy is a wholly-owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited.
Ithaca Energy boasts a solid and diversified producing asset portfolio, generating significant free cashflow, and material upside potential from an attractive pipeline of greenfield development opportunities. Our operated assets are located in the Northern and Central North Sea, West of Shetland and Moray Firth areas of the UK Continental Shelf… read more here
Enlight Renewable Energy Held $2 Billion IPO
In February, Enlight Renewable Energy, an Israeli alternative energy firm, completed its long planned IPO on the NASDAQ. The company offered 14 million shares opening at $17.90 per share and raised $252 million, almost 18% below its expected raise of $293 million. But the company now has a market cap of just over $2 billion.
Enlight now trades under the ticker symbol ENLT. The company is also traded on the Tel Aviv Stock Exchange.
Founded in 2008, headed by Gilad Yavetzand based in Rosh Ha’ayin, Enlight Renewable Energy funds the construction and operation of ventures for the generation of clean electricity from renewable energy sources. The company operates in Israel and Europe, benefits from a diverse portfolio of revenue-generating projects that are under construction, leading up to construction and with a signed agreement for the sale of electricity (PPA) with an output of approximately 3,800 MW, approximately 1, 200 MW in advanced development stages and an additional approximately 12,200 MW in various stages of development… read more here
Hub Security IPO Was a Bust
In March, a week after Hub Security, an Israeli cybersecurity firm, finally completed its SPAC Deal with Mount Rainier Acquisition Corp and held its long awaited NASDAQ IPO, the company is already in trouble. The company did not reach anywhere near the promised $1.3 billion valuation, currently has a market cap of only around $150 million – down from $205 million – and its stock price plummeted more than 80% since the IPO.
HUB Security was established in 2017 by veterans of the IDF’s 8200 and 81 intelligence units CEO Eyal Moshe and CTO Andrey Laremenko. The company specializes in protecting sensitive commercial information and has an advanced encrypted computing solution for companies and organizations aimed at preventing hostile intrusions and the theft of sensitive commercial information.
Hub Security offers cybersecurity solutions to, amongst others, the AI, Fintek, and critical infrastructure sectors. The company employs 400 employees, and its offices are located in Israel and the United States… read more here
IL Makiage Parent Co Oddity Tech Worth $2.8 Billion After NASDAQ IPO
In July, Oddity Tech, the parent company of Israel’s make-up firm IL Makiage, hit a $2.8 billion valuation after holding its NASDAQ IPO. The company sold 12.1 million shares at $35 a share, well above the originally anticipated $27 – $30 price range and raised $424 million from the sale.
In its prospectus, Oddity Tech stated that it is well placed to “conquer the market,” with its tech-consumer platform, which is built to redefine the industry to transition from offline, wholesale sales, outsourcing models, and one product that fits all and focus on efficiency, digital, direct sales, vertical models, and customized and personalized products based on data.
Oddity Tech is a consumer tech company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company serves over 40 million users with its AI-driven online platform, deploying data science to identify consumer needs, and developing solutions in the form of beauty and wellness products. ODDITY owns IL Makiage and SpoiledChild. The company operates with business headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston.
Originally founded in New York in 1972 by Israeli makeup artist Ilana Harkavi, Il Makiage was relaunched in 2018 by brother and sister team Oran Holtzman and Shiran Holtzman-Erel. It is a New York based, tech-driven prestige beauty brand that boasts that they are “shifting millions of customers to shopping for beauty online.” read more here
