Maayan Ventures Ltd. (TASE:MAYN) has raised NIS 60 million in the institutional tender of its secondary offering. The offering included one-year warrants, which will generate an additional NIS 40 million if exercised.
Maayan Ventures offered 80% of the secondary offering in the institutional tender, which was oversubscribed 2.86-fold and closed at the maximum price. The offering is based on the draft prospectus that the company filed on April 1; the final prospectus will be filed in late May, just before the public tender. Leader Underwriters (1993) Ltd. is the lead underwriter, joined by Menora Mivtachim Underwriters & Management Ltd., Clal Finance Underwriting Ltd. and Yashir Investment House Ltd.
Maayan Ventures is a technology incubator that was privatized in 2002 and went public in 2005. Its share yield for the past 12 months is 24%. Parties at interest in the company include Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Epsilon Investment House Ltd., Harel Insurance Investments Ltd. (TASE: HARL), Menorah Mivtachim Holdings Ltd. (TASE: MORA), and Prisma Capital Markets Ltd.
Maayan Ventures lost NIS 7 million on NIS 1 million revenue in 2006. Most of its portfolio companies are still in the very early stages. The company’s largest exit so far this year was the IPO by Applisonix Ltd. (TASE:APLS) at a company value of NIS 52 million.
Published by Globes [online], Israel business news - www.globes.co.il - on May 20, 2007
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