Suny Electronic Inc. Ltd. (TASE:SUNY ) notified the Tel Aviv Stock Exchange (TASE) today that it planned to float Internet portal Tapuz People. Suny owns 87% of Tapuz People. The IPO will reportedly be held at a company value of NIS 55 million, before money.
Suny said it submitted a draft prospectus for an issue of securities, and that Tapuz People planned to raise NIS 24-30 million.
Tapuz People’s website is based on interpersonal communications in forums, chat rooms, blogs, TV blogs, messaging systems, and personal cards. It is also the home site for television programs, and offers a free search engine and content channels for news, sports, shopping, family, healthcare, and other services. Over 1.6 million surfers use the site and over 150 million pages are seen monthly. A TNS Teleseker Internet Monitor (TIM) survey in July 2005 found that Tapuz People had a 32% exposure rate among Israeli surfers.
Tapuz People posted NIS 13.7 million in revenue in January-September 2005, 43% more than with NIS 9.6 million posted in the corresponding period in 2004. The company posted a net profit of NIS 2.3 million in January-September, compared with NIS 900,000 in the corresponding period in 2004.
Published by Globes [online], Israel business news - www.globes.co.il - on January 3, 2006