Shellanoo Group files for NIS 95m TASE IPO

Oded Kobo, Roman Abramovich Photo: company website
Oded Kobo, Roman Abramovich Photo: company website

Oded Kobo and Roman Abramovich's high-tech company will hold the offering at a company value of NIS 600 million.

With a "going concern" warning and losses of $22 million since its establishment, Oded Kobo and Roman Abramovich's Shellanoo Group yesterday file a prospectus for its TASE IPO. "Globes" was the first to report in July that the Israeli technology company, which is developing apps for smartphones and online services was planning to raise money on the TASE.

According to the prospectus, the company will raise NIS 95 million at a company value of NIS 600 million, after money. The IPO will be led by Poalim IBI Underwriting and Investments Ltd. (TASE:PIU). IBI stated that the funds raised will be used for R&D, sales, marketing and overall management expenses and not for acquiring other companies. Kobo has a 38% stake in the company and Abramovich 16% through Ervington investments.

Oded Kobo founded Shellanoo in 2014, originally under the name Music Messenger. It initially raised $3.4 million at a company value of $20 million and then $20 million at a company value of $70 million. The Group is engaged in mobile applications for smartphones and tablets, online services and Artificial Intelligence apps.

Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Oded Kobo, Roman Abramovich Photo: company website
Oded Kobo, Roman Abramovich Photo: company website
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