Israeli Laser Firm Sivan Technologies Eyes $300 Million IPO on Tel Aviv Stock Exchange
Translated & summarized from Globes by baba
Israeli defense tech firm Sivan Technologies is planning an IPO on the Tel Aviv Stock Exchange, aiming for a valuation between 1.2 and 1.8 billion shekels. The company, founded by Dr. Eyal Shkal, produces high-power lasers for industrial and defense applications, including the "Iron Beam" laser defense system. Sivan Technologies expects to raise 250-350 million shekels from investors. The company's technology has seen significant interest, contributing to a backlog of hundreds of millions of dollars.
The story in 6 lines · by baba
- Sivan Technologies, an Israeli laser manufacturer, is planning an IPO on the Tel Aviv Stock Exchange.
- The company seeks a valuation of 1.2 to 1.8 billion shekels ($320-$480 million).
- Sivan Technologies supplies key laser technology for Israel's "Iron Beam" defense system.
- The company was founded in 2008 by serial entrepreneur Dr. Eyal Shkal.
- Sivan Technologies plans to raise 250-350 million shekels in the offering.
- The company has a backlog of hundreds of millions of dollars in orders.
Despite a cooling IPO market and recent declines in defense stocks, Israeli laser manufacturer Sivan Technologies is moving forward with an initial public offering on the Tel Aviv Stock Exchange. The company is seeking to raise between 250 and 350 million shekels (approximately $67-$93 million) at a pre-money valuation of 1.2 to 1.8 billion shekels ($320-$480 million).
Founded in 2008 by serial entrepreneur Dr. Eyal Shkal, Sivan Technologies initially focused on high-power lasers for industrial applications like welding advanced materials. In recent years, the company has expanded into the defense sector, notably supplying a key laser technology for Israel's "Iron Beam" (formerly "Light Shield") laser defense system, developed by Rafael and Elbit Systems. Sivan's technology is also applied in air and space optical communications.
The company, which employs around 200 people at its facility in Har Hotzvim, Jerusalem, has reported annual revenues in the tens of millions of dollars and holds a backlog of hundreds of millions of dollars. The "Iron Beam" system, delivered to the IDF late last year, is designed to complement existing missile defense layers against rockets, missiles, drones, and helicopters, offering a significantly cheaper interception cost compared to the Iron Dome.
Sivan's entry into the defense market was facilitated by an investment from Elbit Systems, which now holds about 5% of the company's shares. However, a dispute over exclusive marketing rights led to arbitration, resulting in an agreement where Sivan's domestic sales are handled by an Elbit subsidiary, while Sivan can sell systems below a certain energy threshold internationally.
Sivan's IPO follows a trend of defense companies listing on the Tel Aviv Stock Exchange, driven by increased global defense spending. While the defense stock market has seen a recent downturn, Sivan's substantial order backlog is expected to support its valuation. Dr. Shkal, who holds over a quarter of the company's shares, is a physicist and electro-optics expert with a history of founding and exiting tech companies.
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