Highcon Systems Ltd has confimred the successful completion of an initial public offering (IPO) of shares on the Tel Aviv Stock Exchange (TASE). The company raised $45m from leading Israeli Institutional Investors in an oversubscribed offering, resulting in a $165m valuation following the offering. The company will be traded under the ticker symbol HICN and will be included in the prestigious TASE Tel Tech Index.
Shlomo Nimrodi, Highcon CEO said, “On behalf of our entire Highcon team I am proud to announce the successful completion of this IPO with the proceeds due to solidify our commitment to the folding carton and corrugated markets, including supporting and expanding our existing product offering, as well as increasing our global market presence. Following a challenging initial six months of the year with the COVID-19 pandemic and the cancellation of drupa, we are now seeing a positive sales and marketing trend resulting in numerous deals in both the US and Europe. This increase is driven by the uptick in e-commerce and the move toward improved sustainability.”
