Water filtration systems co Amiad to raise $14m on AIM

Owned by Kibbutz Amiad and Gaon Agro Industries, Amiad posted a $3 million net profit in 2004.

Amiad Filtration Systems, owned by Kibbutz Amiad and Gaon Agro Industries (TASE: GAT), announced today that it planned to hold an IPO on the London Alternative Investment Market (AIM) stock exchange.

Amiad did not say how much it wanted to raise, or the company value for the issue. According to the Reuters news agency, however, the company plans to raise £8 million ($14 million) at a company value of $54 million, after money. The British investment house chosen to lead the issue is Panmure Gordon & Co., the same investment house that unsuccessfully tried to conduct an IPO for Israeli start-up Ex Libris. Gaon Agro, which owns 26.2% of Amiad, is considering including an offer to sell for some of its shares in the issue. Amiad plans to hold its IPO by the end of 2005.

Amiad develops, produces, and markets water filtration and treatment systems for water for use in agriculture and industry. The company’s announcement indicates that it finished 2004 with a $3 million after-tax pro forma net profit on revenue of $37 million.

85% of Amiad’s revenue is derived from overseas.

Published by Globes [online] - www.globes.co.il - on November 7, 2005

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