There's another Israeli company hitting the ASX in Gefen Technologies
IPO Watch: The next Israeli tech company set to list on the ASX made $16m last year
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Gefen Technologies is set to be the next Israeli tech company to list on the ASX having closed its $25 million IPO offer on Friday.
The company has a software platform that is targeted at “regulation-heavy industries” starting with insurance and finance. It involves agents selling complex products to customers where a human touch is required, helping such companies reach more customers.
It’s clientele include insurance giants TAL, Generali Group and Manulife and co-CEO Orni Daniel says more companies and industries such as healthcare, pharmaceuticals, tourism and electronics will be targeted in the future.
The company made $16.4 million in revenue in 2020 representing a 264 per cent Compounded Annual Growth Rate (CAGR).
The IPO proceeds come on top of the $6.5 million in seed capital raised over the last 12 months from ASX fund managers Regal, Ellerston, PACCapital and Perennial among others.
Another Israeli tech company
When Gefen lists, which it is scheduled to do on June 17, the company will join a cohort of approximately a dozen of Israeli companies on the ASX, most of which are tech.
Some of the most notable include BNPL firm Splitit (ASX:SPT), tracing tech firms Dotz Nano (ASX:DTZ) and Security Matters (ASX:SMX).
Here’s a list of Israeli companies on the ASX…
| Code | Company | Price | %Mth | %Yr | MktCap |
|---|---|---|---|---|---|
| WBT | Weebit Nano Ltd | 1.84 | -20 | 448 | $219.0M |
| DTZ | Dotz Nano Ltd | 0.295 | -16 | 278 | $119.1M |
| HMD | Heramed Limited | 0.2 | 67 | 74 | $32.7M |
| ESE | Esense-Lab Ltd | 0.018 | 0 | 64 | $9.2M |
| SBW | Shekel Brainweigh | 0.105 | -25 | 56 | $16.8M |
| SPT | Splitit | 0.655 | -22 | 39 | $308.9M |
| ELS | Elsight Ltd | 0.4 | -12 | 22 | $53.3M |
| SMX | Security Matters | 0.345 | -3 | 19 | $49.2M |
| MOB | Mobilicom Ltd | 0.063 | 2 | 2 | $20.3M |
| ROO | Roots Sustainable | 0.016 | -16 | -33 | $8.6M |
| FLC | Fluence Corporation | 0.175 | -26 | -42 | $109.3M |
| APV | Appsvill | 0.081 | -13 | -48 | $7.3M |
Stockhead asked Gefen Technologies co-CEO Orni Daniel on an investor webinar held on Friday why his firm chose to list in Australia.
He was intrigued by the ASX’s increased focus on technology companies and also thought listing generally would help his company grow.
“We’re a global company, however our main market is in South East Asia and … the largest agent networks are in the region,” Daniel said.
“I believe we’re at the stage where going public helps the company with growing.
“And why? On one hand, when you’re a public company, more information is visible and transparent and it helps onboarding new corporate clients.
“On the other hand, having a present relationships with the capital markets helps to get capital to fuel the growth.
“We’re very happy to see the ASX has an increased focus on technology companies in recent year – they’ve just launched a tech index just last February – February 2020.
“And I believe a combination of all those elements was a natural fit for the next step on our journey.”
