Two more tech cos file for TASE IPOs

Aquarius Engines hopes to raise $65 million and Highcon Systems is trying to raise $45 million.

Tech companies are continuing to flock to the Tel Aviv Stock Exchange (TASE) with innovative piston engine developer Aquarius Engines and digital printing company Highcon Systems filing prospectuses for initial public offerings (IPOs). Both companies are planning to conduct their offerings in the very near future after ensuring tens of millions of dollars in investment from institutional investors.

Aquarius Engines, which develops energy saving piston free linear engines, is assured of raising $65 million (NIS 215 million) at a company valuation of $260 million (NIS 860 million), and may increase the amount raised by several million shekels in the public stage of the offering.

The company is yet to generate revenue and had a net loss of $4 million in the first half of 2020, after losing $14 million in 2018 and 2019.

Highcon Systems hopes to raise $45 million (NIS 165 million), with the amount assured from institutional investors. The company has developed digital cutting and creasing solutions for the paper and carton industries.

Published by Globes, Israel business news - - on November 24, 2020

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