N-trig cancels TASE IPO

The company, which develops chips for digital pens, was unable to achieve the $75 million company value it sought.

N-trig has decided to forego its planned TASE IPO for the time being, sources inform "Globes." The company has not succeeded in achieving the $75 million company value that it was seeking, although there were investors who showed interest in participating in the IPO.

Current shareholders have committed to inject $4.4 million into the company or even more, and other investors may join them, although not as part of a public offering. The company may attempt an IPO on the basis of its third quarter report although at present the likelihood does not seem high.

N-trig, which develops, manufactures, markets, and distributes chips for touch screen interfaces and digital pens, still makes a loss. It had been seeking to raise $20 million at a company value of $80 million, before money. It was listed as a "going concern" in its last financial report.

The company was founded in 1999 and has 168 employees in Israel and Taiwan.

Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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