The software testing company is expected to submit a draft prospectus in the next few days.
The stock market surge and the success of Gadot Chemicals Tankers and Terminals’ (TASE:GDOT) equity issue are motivating other companies to consider raising capital through an IPO on the Tel Aviv Stock Exchange (TASE). Sources inform “Globes” that software and systems testing company TesCom is expected to submit a prospectus for an issue, based on its third quarter results, in the next few days. The prospectus will be valid until February 29, 2004. Ofer Albeck is TesCom’s controlling shareholder.
TesCom develops innovative software tools for streamlining the design and testing of information systems. These tools give the company a competitive advantage, and provide a basis for its services, which include control, design, quality assurance, and testing of computer-based information, telecommunications, and control systems.
TesCom, which has yet to choose the underwriters for its IPO, is trying to issue its shares at a company value of $15-20 million before money, based on annual sales of $40 million and a $2 million net profit. Tesnet (TASE:TSNT), TesCom’s competitor, trades at a company value of $13.8 million, after surging 23% this year.
Published by Globes [online] - www.globes.co.il - on December 2, 2003