Dead Sea Laboratories Ltd., the maker of Ahava brand cosmetics, today officially announced its plan for an IPO on London’s Alternative Investment Market (AIM). The company plans to raise $22 million. UK investment house Evolution Securities Ltd. will be the underwriter and authorized advisor for the offering.
Dead Sea Laboratories did not disclose the company value for the offering, but said that it would not include an offer to sell by shareholders. Therefore, assuming that the issued share capital will be 20-25% of the company’s total share capital, the company value for the offering will be $80-100 million, after money.
B. Gaon Holdings Ltd. (TASE: GAON) subsidiary Ahava Holdings 77 Ltd. is the largest shareholder in Dead Sea Laboratories, with a 15% stake. Kibbutz Ein Gedi owns 8.27%, Kibbutzei Yam Hamelach Holdings Ltd. owns 8.07%, and Kibbutz Kalia owns 6.51%.
Dead Sea Laboratories was founded in 1988. The Ahava brand was originally called Dead Sea Health Products. Ahava products are currently sold in 25 countries through a network of 22 independent distributors. Exports accounted for 42% of the company’s $23.4 million in sales in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on October 1, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007