The London Stock Exchange's IPO market is continuing to gain strength. Sources inform “Globes” that Dori Media Group Ltd., a production company owned by Yair Dori, is due to launch its road show for investment institutions next week, and plans to hold an IPO on March 22. Dori Media is expected to raise £8 million ($15.4 million) on London's Alternative Investment Market (AIM), at a company value of £25 million (about $48.2 million). British investment house Nabarro Wells is the underwriter.
Yair Dori founded Dori Media and currently owns 25% of the company. Dori Media's largest shareholder is Mapal Communications Ltd., controlled by chairperson Tamar Mozes-Borovitz (50%), and Miella owns the rest. Dori Media specializes in the production, distribution, broadcasting, and commercialization of telenovellas and other television dramas in 40 countries worldwide.
TesCom (TASE: TSCM) is also casting eyes at the British capital market. The company announced today that it was considering raising capital and listing on the AIM. The company added that it was negotiating with what it called professional entities to carry out the measure.
TesCom, a provider of quality assuranceand software testing solutions, is a fairly new company on the Tel Aviv Stock Exchange (TASE). It held its IPO in February 2004, raising NIS 10 million at NIS 6 per share. TesCom's share is now traded at NIS 8.84, reflecting a return of 46% on the issue price, and a market cap of NIS 134 million ($31 million).
TesCom chairman and CEO Ofer Albeck is the controlling shareholder in the company, with a stake of 45.3%. TesCom had NIS 29 million in cash and cash equivalents at the end of the third quarter of 2004. Its shareholders equity was NIS 35.3 million, financing 38% of its balance sheet total.
TesCom posted NIS 155.4 million in revenue in January-September 2004, 32% more than in the corresponding period of 2003. It posted a net profit of NIS 6.4 million in January-September 2004, compared with NIS 3.1 million in the corresponding period of 2003.
Published by Globes [online], Israel business news - www.globes.co.il - on March 9, 2005