Israeli medical imaging technology company Nanox Imaging Ltd. (Nasdaq: NNOX) has announced the closing of its initial public offering, having raised $190 million after the underwriters fully exercised their options to buy $34.8 million worth of shares at $18 per share.
The underwriters got a good deal. Since Nanox began trading last Friday the share price has risen over 60% to $28.90, including a 8.24% rise yesterday, giving the company a market cap of $1.283 billion.
Cantor Fitzgerald & Co., Oppenheimer & Co. Inc., Berenberg and CIBC Capital Markets acted as joint book-runners in the IPO and National Securities Corporation acted as co-manager.
Based in Neve Ilan near Jerusalem, the company was founded in 2012 by CEO Ran Poliakine. Nanox raised $137 million before the IPO from investors including Korea's SK Telecom, Industrial Alliance, Yozma Korea, Foxconn, Fuji, and Jin Ji Full. Nanox has developed a lightweight, mobile CT scanner, and has a business model based on a unique medical screening as a service (MSaaS) to allow wide distribution and accessibility, and charging health providers with a pay-per-scan service model. The device has yet to receive FDA marketing approval.
Published by Globes, Israel business news - en.globes.co.il - on August 26, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020