Tel Aviv-based high tech company Breezecom will present in the next few days a draft prospectus for raising $40-$50 million on the US NASDAQ stock exchange. Breezecom intends to conduct its Wall Street IPO at a company value ranging from $200 million to $250 million after money.
Breezecom develops broadband wireless communications equipment, which facilitates high speed voice and data transmission. Breezecom was founded in 1992 by Michael Rothenberg, formerly of Lannet. The company's 1998 revenue turnover amounted to $33 million, and in 1999 is expected to reach $45 million.
Breezecom has financed its activity to date from $40 million raised in private placements. The company completed a $20 million private placement a month ago at a company value of $100 million. The capital came from investment funds, including Pictet of Switzerland and Weiss, Peck, and Greer of the US.
Among the shareholders in Breezecom are: the Star fund (21%), the Warburg-Pincus investment bank (9%), Clal Industries (8%), the Ampal group (4%), the Mofet fund (4%), the Etgar fund (2%), the Rad group (1.5%), general manager Michael Rothenberg (1.5%), and Gideon Marks (0.3%).
Published by Israel's Business Arena on December 27, 1999