Israeli turbine ventilators developer Inovytec has published a draft prospectus for an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). Markets sources believe the company will try to raise NIS 80-100 million at a company valuation of NIS 350 million, before money.
Inovytec, which was founded in 2011 by former military officers, recorded its first revenue in 2019. In 2020, following the outbreak of the Covid-19 pandemic, the company sold thousands of ventilators and reported revenue of $23.6 million in the first nine months of the year, compared with $1 million in the corresponding period of 2019, and net profit of $7 million, compared with a net loss of $1.2 million, in the first nine months of 2019.
Inovytec recently received US Food and Drug Administration (FDA) approval to market its products in the US and expects this to enable it to expand operations. The TASE IPO is being led by Leumi Partners Underwriters.
Inovytec was founded by CEO Udi Kantor who is one of the controlling shareholders in the company, which has 23 employees. Its factory in Beit Shean, operated by a subcontractor, has dozens of employees.
The company has three product lines: lightweight, mobile ventilators that can be transported to emergency sites in overcrowded hospitals and are not dependent on external sources for electricity and oxygen; Lubo, a device which opens respiratory airways in the lungs in a non-invasive way; and SALI, which allows remote monitoring of patients.
Published by Globes, Israel business news - en.globes.co.il - on February 2, 2021
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