Israeli company IncrediMail Ltd. uses a word play on “It’s incredible” to describe the experience of using the company’s solution “It’s incredimail!”
The company’s managers presumably used the same exclamation yesterday to describe their feelings when they learned about the results of the company’s IPO on Nasdaq. E-mail content developer IncrediMail raised $18.75 million in an issue of 2.5 million shares at $7.50 each, at a company value of $70 million. The price range for the shares was $6-8, which is why the company’s managers and underwriters are so pleased by the results of the IPO.
Some of IncrediMail’s shareholders gave the underwriter, Maxim Group LLC, an option to buy 375,000 additional shares, which would boost the amount raised by $2.8 million. Sources inform ''Globes'' that Israeli investors placed orders for $13 million worth of shares, but had to be satisfied with the $2 million allocated to them. Leader Holdings and Investments Ltd. (TASE:LDER) and Clal Finance Underwriting Ltd. handled the distribution for Israeli investors. Trading in IncrediMail’s shares will begin today on the Nasdaq Small Cap index under the ticker MAIL.
Incredimail’s software enables users to create animated images, sound effects and two-dimensional applications. In other words, when you arrive at your office in the morning and download your e-mails, and an animated mummy wearing a bow-tie pops up saying, “You have mail, sir”, you will know that this is a creation of IncrediMail.
IncrediMail’s IPO is the first by an Israeli company in the US capital market this year.
Published by Globes [online], Israel business news - www.globes.co.il - on January 31, 2006