Shamir Optical Industry has submitted a prospectus for an IPO on Nasdaq. The company wants to sell 3.4 million shares at $13-15 per share. The prospectus states that the company's shareholders expect to offer an additional 600,000 shares for sale. The company value for the issue is due to be higher than $200 million.
If the IPO is held at the upper range, Shamir Optical can expect to get $51 million, not including $9 million its shareholders are likely to receive from the offer for sale.
Shamir Optical will be traded under the ticker SHMR.
Kibbutz Shamir owns 83% of Shamir Optical, and a group of financial investors headed by Zadik Bino's FIBI Holdings (TASE: FIBI) owns 10%.
Shamir Optical develops, manufactures and markets multifocal lenses.
Shamir Optical's sales and profits have been steadily improving in recent years. The company's R&D department, which carries out R&D for lens makers, is considered one of the best in the world. Shamir Optical also makes lens molds and half-finished lenses for laboratories. The company has expanded its ophthalmic activities by acquiring companies and joining development ventures in the field.
Published by Globes [online], Israel business news - www.globes.co.il - on February 13, 2005