As "Globes" revealed two months ago, street signs and digital printing entrepreneur Moshe Nur is returning to the Tel Aviv Stock Exchange. After the previous forays ended in disappointment, and Nur parted from the two companies he floated, a draft prospectus was published today by digital printer company Kornit Digital.
The company seeks to raise $7 million in a share issue, at a company valuation of $25-30 million before the money. The offering is being led by Poalim IBI.
Kornit Digital was founded by Nur in 2002. The company has two fields of activity: the production and sale of printers for printing on finished garments, and the production of ink and other products for the printer it has developed. The company says that, as far as it is aware, it is the only company in the market active in both of these complementary fields. It currently employs 84 people.
Sales in the first half of this year were $9.3 million, compared with $8.1 million in the first half of 2009. 38% of sales were in North America, 35% in Europe, and 21% in the Asia-Pacific region.
Net profit in the first half of 2010 was $1.6 million, compared with $0.7 million in the first half of 2009.
Nur, who is chairman of the company, and his family own 26% of Kornit. Delek Group Ltd. (TASE: DLEKG) owns 15%. Electronics for Imaging (Nasdaq: EFII) owns 12.11%.
In the past, Nur was compelled to sell his 36% stake in Nur Macroprinters, whose activity was sold two years ago to HP for $118 million. Nur Street Advertising, floated in 1994, was liquidated three years later.
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2010
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