London Stock Exchange officials lure large TASE-listed companies

Amir Raveh CEO of MG Equity Partners forecast 2006 to be a "bigger ball game in terms of size and quality of IPOs. For 2006, we expect six Israeli companies to list on the London main markets."

By SHARON WROBEL
February 9, 2006 06:41
2 minute read.
trading floor 88

trading floor 88. (photo credit: )

 
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After focusing their campaign on London's AIM, or alternative investment market, London Stock Exchange officials recently have changed tactics and begun encouraging large Israeli companies to also seek listings on the main market. "In 2006, we expect larger companies to come onto the main London market, not only from the hi-tech sector as previously, but we might also see old economy companies seeking listings on the LSE," Graham Dallas, Head of Business Development EMEA & Americas at the London Stock Exchange told The Jerusalem Post at the conference on the benefits of "Dual Listing" organized by British-Israeli investment house MG Equity Partners and KBC Peel Hunt, the distinguished UK investment house. "Larger Israeli companies listing on the LSE will bring in capital flows for Israeli companies and thus helping the country's economy," he said. Also speaking at the conference, Amir Raveh CEO of MG Equity Partners forecast 2006 to be a "bigger ball game in terms of size and quality of IPOs. For 2006, we expect six Israeli companies to list on the London main markets." Adam Hart, Head of Business Development at KBC Peel Hunt said not many Israeli companies, which have listed on the London markets, have been successful. "An overly aggressive hit and run strategy is not what works in London," he said. "The larger Israeli companies, which are expected to come to London should set the scene rather than start-ups and small growth companies." About 35 Israeli companies took part in the conference. Among them were AxisMobile, an Israel-based provider of consumer mobile email technology, which is touted to be planning an initial public offering (IPO) on the London's AIM. The Israeli firm is expected to raise about $15 million with the flotation. Other Israeli companies showing their interest in dual-listing or triple-listing opportunities included TASE and Nasdaq-listed Elron Electronic Industries, the private equity fund Shamrock, TASE-listed Taya Group and the Nisko Ardan Group. "Out of the companies that took part in today's conference we have chosen the top eight with whom we have started talks regarding potential listings on the London markets," Raveh said. In about two weeks, Elran Investments, controlled by the Dankner family, is believed to be planning to raise 150m. to 200m. through a flotation on London's AIM market, for an investment corporation it is setting up with an overseas investment fund. The goal of the investment corporation will be real estate investment and development in central and eastern Europe. The underwriters for the flotation are Merrill Lynch and UBS. "Israeli and international real estate companies developing in eastern Europe have drawn a significant interest in addition to retail and technology sector companies," Hart noted.

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