Israeli technological incubator Trendlines Group has launched a S$25 million ($17.6 million) IPO on the Singapore Stock Exchange. Trendlines develops early stage companies in the medical and agricultural sectors.
Trendlines, which hopes to be trading by November 26, hope to become the second Israeli company on the Singapore Stock Exchange, after Sarin Technologies, which produces tools for the diamond industry.
Trendlines chairman and CEO Steve Rhodes said, “We thought that we were too small for NASDAQ so we started looking for other markets. The one that fit our size and stage best was Singapore.
The company had planned an IPO in Toronto in September 2014 but withdrew because of insufficient investor interest.
Trendlines is offering 75.7 million shares at S$0.33 apiece, the proceeds of which will be used to invest in incubators, make follow-up investments in existing companies and start new companies, Trendlines said yesterday. The offer closes Nov 24.
Rhodes said: “We have been working as a private company for the last eight years. We have gone from zero to being a company with a large portfolio with a growing value and we felt that it was time to bring in a lot of capital and scale what we were doing and to start looking at international expansion.”
In addition to the IPO, the company will set up an incubator in Singapore by next year with about six employees and Trendlines is in talks with local partners on the matter.
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2015
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