Evogene plans NYSE offering

The Israeli agritech company, in which Monsanto holds a stake, says it has hired US investment banks.

Evogene Ltd. (TASE:EVGN) plans an offering on the New York Stock Exchange (NYSE). The company notified the Tel Aviv Stock Exchange today that it had hired Wall Street investment banks to manage the offering and to list the company's shares for trading in New York.

Evogene has filed a draft prospectus with the US Securities and Exchange Commission (SEC). No date for the offering has yet been set, and there is no certainty that it will take place, as a great deal depends upon market conditions and the demand for the shares.

Evogene carries out research and development in enhancing plants through biotechnological means. It uses computerized systems to identify connections between genes and plant properties, and advises major seed companies on which genes to use. The company has a market cap of NIS 871 million on the Tel Aviv Stock Exchange. Monsanto (NYSE: MON) owns 8.68% of Evogene. Other prominent shareholders are Leon Recanati (4.45%), provident funds, and mutual funds.

Evogene CEO Ofer Haviv said at the Sponser conference in February, "Evogene's goal is to be the world's leading company in improving plant performance, and to meet the increasing demand for more seeds, for food and fuel. The big money is on its way, it should come. Monsanto invested $18 million in Evogene, and we can call on more money - $12 million."

Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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