
ccc5b35013ff1c1d472a0f5cb556fc7c.ppt
- Количество слайдов: 14
The Semi-Annual Financial Conference The Association of Publicly Traded Companies and DC Finance Going Public – Where and When Ronit Harel Ben-Ze’ev, Senior Vice President Tel-Aviv Stock Exchange November 2006 1
TASE – No. of New Companies (Equity raised in NIS millions) 2004 2005 1 -9/2006 R&D and Hi-Tech companies -- 7 13 (349) (355) Biomed (Out of the above) -- 5 8 (179) (259) 20 17 13 (1, 661) (2, 021) (1, 594) 20 24 26 (1, 661) (2, 370) (1, 949) Other Companies Total 2
The Home Market – 2 Alternatives: 1. IPO on the TASE 2. Dual Listing on the TASE – Following an IPO on U. S. Markets or LSE (official list). 3
1. IPO on the TASE • A leverage towards an offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process. 4
IPO Costs(1) ($k) Fixed costs (2) Underwriting, distribution Total 5 1, 365 155 3, 500 2, 500 4, 975 Variable costs: 1, 475 3, 865 2, 655 $ 50 mil offering (2) , Lawyers, CPA, printing, fees, PR, etc. (1)
Annual Costs ($k) (2) General costs (2) 1, 800 822 260 D&O insurance 250 50 -60 20 Class actions (estimate) 250 -- -- ~2, 300 ~900 280 Total (1) Source: canaccord. Asams, June, 2006 (2) Lawyers, CPA, IR, PR, fees, shareholders meetings , payments and options for directors 6
1. IPO on the TASE • A jumping board to offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process. • Special rules for R&D companies. 7
Special rules for R&D companies* • Post-IPO equity: At least NIS 8 million • Minimal distribution of public float: 35 shareholders • Public float: The public float (percent) must be at least 10. 0 When the value of the public float is… 7. 5 From 50 From 16 • R&D company: one that has invested at least NIS 3 million in R&D in the last three years, including funds raised from the Chief Scientist. 8
Listing Procedures (excluding R&D companies) Procedure 1 Shareholders' equity after listing Public-float value Period of activity Added value in the 12 months preceding listing Value of issue Value of the company's shares 9 Procedure 2 Procedure 3 25 35 -- 20 30 80 12 months -- 4 -- -- 80 -- -- 200
1. IPO on the TASE • A jumping board to offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process. • Special rules for R&D companies. • Tel-Tech Index, Bio-Med (in process) and other TASE indices • Dual listing law – following listing on U. S markets. 10
2. Dual Listing § 36 Israeli companies have dual-listed on the TASE since the dual-listing law was enacted – 2 companies, Partner and Perrigo, are included in the TA-25 Index – 9 companies are included in the Tel-Tech 15 Index – 14 companies are included in the TA-100 index § 12 additional companies are traded both in Tel Aviv and the U. S. 11
The Benefits of Dual Listing • More Israeli investors - institutional and individual. • Index funds (TA 25, TA 100 and Tel-Tech funds). • TA-25 companies may benefit from trading in index-options. • Raising money on TASE (Partner). • The home market benefit – Blue-chip prominence on the TASE – Greater familiarity and exposure • 13 -hour continuous trading from 10: 00 a. m. to 11: 00 p. m. , local time • Options can be exercised by employees easily and at low cost 12
Some Figures Market Capitalization (Millions of Shekels) September 30, 2006 Portion of TASE Trading Volume 1 -9/2006 Average Daily Trading Volume on TASE – 1 -9/2006 (Thousands of Shekels) Perrigo 3/2005 6, 951 29% 7, 458 Partner Communication 7/2001 6, 567 88% 13, 777 Given Imaging 3/2004 2, 272 24% 1, 922 Blue Square Israel 11/2000 1, 982 93% 1, 214 Alvarion 7/2001 1, 663 16% 2, 132 Audio. Codes 10/2001 1, 643 20% 1, 954 Radware 5/2004 1, 158 14% 1, 174 Aladdin 7/2004 1, 072 20% 1, 129 Shamir Optical 5/2005 663 41% 250 XTL (London) 7/2005 228 63% 844 13
Thanks Ronit Harel Ben-Ze’ev, Senior VP Listing and Economic Department E-mail: harel@tase. co. il Phone: 03 – 5677424 New Website: www. tase. co. il 14
ccc5b35013ff1c1d472a0f5cb556fc7c.ppt