Translation software company Babylon Ltd. has filed a prospectus with the Israel Securities Authority for an IPO on the Tel Aviv Stock Exchange (TASE). The company plans to raise $10 million at a company value of $40 million, before money. Discount Underwriting & Issuing Ltd. will be the underwriter.
Babylon, founded in 1997, took its first steps towards an IPO in early 2006. During the year, it considered raising capital on either Nasdaq or London’s Alternative Investment Market (AIM).
Babylon’s main shareholder is Formula Vision Technologies Ltd. (TASE: FVT) with a 25% stake, which will be diluted to 20% after the IPO. Formula Vision could report a capital gain of NIS 7.5 million on the IPO. Other shareholders are Reed Elsevier Ventures (28%), Fishman Holdings (20%), and Zohar Zisapel (5%). Other shareholders own 14% altogether. The company has 75 employees, and its CEO is Dovik Peer.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes.co.il - on December 20, 2006
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