Rosh Ha'ayin-based MTI Computers & Software Services Ltd. said Sunday its subsidiary MTI Wireless Edge Ltd. plans to raise $10 million in an initial public offering on the AIM (Alternative Investment Market) in London.
The company said it would raise the financing mainly from institutional investors, and that the offering would be based on a company value of $26m.
In its draft prospectus, MTI said that before closing of the offering, scheduled for the first half of March, it would distribute a total dividend of $2m. to MTI Wireless workers and investors.
MTI Computers owns 89.3% of MTI Wireless, while the remaining shares are shared between its workers and investment group Catalyst Investments.
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