Cando Drones, the drone company owned by businessman Rami Levy, has published a draft prospectus for an initial public offering on the Tel Aviv Stock Exchange. Under the filing, the company wants to sell 19% of its shares to the public at a target valuation of 100 million shekels.
The private company is still in an early stage of development. It reported 7 million shekels in revenue in 2025, up from 6.3 million in 2024, but posted a net loss of 11.9 million shekels in 2026, compared with a 6.4 million shekel loss in 2024.
Cando was founded by veterans of Israel's security establishment and the IDF drone units. It is run by Yoeli Or, who holds 14.5% of the shares, while Levy is the largest shareholder after buying into the company in 2022. The company previously ran dedicated delivery tests between branches of Rami Levy's retail chain, Shikma Marketing.
The firm develops autonomous drone systems for defense and civilian uses, including intelligence and surveillance, facility and border security, and coordinated operation of several drones through centralized command and control systems. The prospectus says some products are still under development and have not fully penetrated the market, and it warns that there is uncertainty over commercial success and future adoption.
This is not Cando's first attempt to reach the capital market. Late last year it tried to merge with the shell company Retail Minds, but that effort failed. It later carried out another fundraising round, with shares allocated in January 2026 at a valuation of only 40 million shekels. Cando would join other Levy holdings, including Rami Levy Shikma Marketing, Rami Levy Real Estate and Israir.
