Smart Agro agri-tech R&D partnership has completed its Initial Public Offering (IPO). Smart Agro raised NIS 26 million with NIS 5 million from the general partners. Demand for the shares stood at about NIS 31 million, of which NIS 21 million was raised. The IPO was conducted by Leumi Partners Underwriters.
The share tranches in the auction were offered to the public at a minimum price of NIS 1,000, and were set at a price of NIS 1,060 in the auction. The mix of investors included strategic investors, institutional bodies, and private investors from the public.
Smart Agro CEO Omri Rothman said, "Despite the challenging period and day, the IPO and the demand demonstrates that the Israeli public believes in Israeli agri-tech. I am delighted that institutional investors also took part in the IPO. The mix of investors includes strategic investors, institutional bodies and private investors from the public. I believe that through Israeli agri-tech, we will bring greater acknowledgement of the sector by the public, which will also benefit the shareholders."
The IPO was supported by Advs. Itay Brafman and Adi Ron of the Dr. Zeev Holender law firm.
Smart Agro will be the fourth R&D partnership traded on the Tel Aviv Stock Exchange and the first in the agri-tech sector.
Smart Agro is led by a management team with extensive knowhow in the agri-tech industry. CEO Omri Rothman previously served as CFO of bio agri-tech company Kaiima and as CFO of the Etgar venture capital fund. Chairman Erez Meltzer was formerly CEO of Gadot Chemicals, Africa Israel and Netafim. In recent years, VP finance and business development Limor Stoller was until recently CEO of Rootility.
Smart Agro has already selected its first investment and will invest $2 million in CanBreed, which was founded in early 2017 and develops enhanced genetics for seeds, based on CRISPR gene editing technology.
Published by Globes, Israel business news - en.globes.co.il - on October 29, 2020
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