Limited partnership Unicorn Technologies successfully completed its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange yesterday, raising NIS 70 million (before fees). The tech investor limited partnership also issued two series of warranties that if fully exercised will raise an additional NIS 95 million.
Completing the IPO was assured in advance with institutional investors committed to buying NIS 66.5 million in shares. The public bought the remaining NIS 3.5 million. Unicorn will begin trading on the market in the coming days.
According to the draft prospectus, "The main aim of the partnership is to deal, by itself and through its portfolio companies, in research and development in various fields," particularly technology, software, and the internet.
In a presentation made in advance of the offering, Unicorn Technologies states: "The coronavirus crisis has accelerated processes in the global economy, pushing technology companies to center stage", as "safe havens in a time of crisis". The partnership also identifies "a growing hunger on the part of Israeli investment institutions and private investors for technology companies."
Unicorn Technologies says that it will invest an initial amount of $1-2 million in each portfolio company, and investments will be for three years on average. Initial investment in any specific project will not amount to more than 40% of the partnership's assets.
Unicorn Technologies was founded earlier this year. Its four founders are well-known on the local capital market: Ligad Rotlevy and Yigal Landau, who are among the controlling shareholders in energy exploration partnership Ratio Oil Exploration (1992) LP (TASE:RATI.L); tech entrepreneur Yaacov (Yankele) Tenenboim; and Ronen Waisserberg, formerly investment manager at Clal Finance.
Ligad Rotlevy is chairman of Unicorn Technologies. The CEO is Amit Green, "who has 25 years experience in technology, finance, and entrepreneurship."
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