Two Israeli companies completed their initial Nasdaq offerings in the past week. After medical device company D Medical Industries Ltd. (Nasdaq: DMED); TASE:DMDC), yesterday marked the actual offering of MediaMind Technologies Inc.
Like D Medical, MediaMind had to be satisfied with a lower valuation than planned.
MediaMind, formerly Eyeblaster, provides software solutions for managing digital advertising campaigns. The firm planned to raise $70-80 million at a valuation of $250-285 million, and in the end raised $57.5 million at a valuation of "only" $206 million after the money.
The company had aimed for a share price of $14-16, but that was cut to $11.50 in the offering. If the underwriters exercise their option to buy an additional 750,000 shares, the amount raised will grow to $66.1 million. The offering was led by JP Morgan and Deutsche Bank, along with Stifel Nicolaus Weisel, Pacific Crest Securities and ThinkEquity LLC.
The ticker symbol will be MDMD.
The company was founded in 1999 by CEO Gal Trifon and CSO (chief solutions officer) Ofer Zadikario. The company had raised about $40 million before its Nasdaq listing.
The company's revenue rose 36% in the first half of the year to $37.2 million, and net profit reached $3.4 million. The company filed a draft prospectus in 2008, looking to raise $115 million. MediaMind also considered being bought by a media or Internet giant, and there was talk of Google being interested.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2010
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