tapuz logo 88.
(photo credit: )
Despite expectations for mergers and acquisitions to pave the funding path in 2006, initial public offerings were the first to make news in the new year.
Internet portal Tapuz People said it plans to raise between NIS 24 million and NIS 30m. via a listing on the Tel Aviv Stock Exchange in February.
Tapuz is home to more than 1,000 forums that cover 24 categories and receive about 70,000 messages a day, with the site attracting 1.5 million hits a month. In addition, the company provides a wide variety of content to its web site and to mobile telephones, covering news, sport, birth and pregnancy, food, and other subjects. It also sets up and maintains Internet sites and forums for television programs, such as "Dancing with the stars," and it recently entered the on-line retail market by buying a third of GetIt.
In the first nine months of the year, Tapuz's net profit rose to NIS 2.3m. from NIS 900,000 as revenue rose to NIS 13.7m. from NIS 9.6m., boosted by income from Internet advertising and the provision of content to mobile phones.
Clal Finance Underwriters will lead the IPO of Tapuz, which is 87%-owned by Suny Electronic, an importer of Samsung mobile telephones and accessories. Suny's shares rose 2.1% to NIS 19.14 on the TASE following news of Tapuz's IPO.