Highcon Systems has successfully completed an initial public offering (IPO) of shares on the Tel Aviv Stock Exchange (TASE), raising $45 million and valuing the company at $165 million following the offering.
Shlomo Nimrodi, Highcon CEO, stated that the proceeds from the IPO will go towards solidifying Highcon’s commitment to the folding carton and corrugated markets, including supporting and expanding its existing product offering, as well as increasing its global market presence.
Mr Nimrodi said, ‘Following a challenging initial six months of the year with the Covid-19 pandemic and the cancellation of the drupa tradeshow, 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. I am humbled by the opportunity to lead a company in the forefront of the digital transformation in the packaging industry and grateful to the Highcon team around the world for their commitment to this vision especially during the challenging times we are all experiencing as a society.’
Otto Meier, operations director at Thimm in the Czech Republic, an early Highcon Beam 2C customer, commented, ‘The announcement of the Highcon IPO further reinforces our decision to invest in this revolutionary technology and stay at the forefront of the industry knowing we can now expect Highcon to continue to serve our longer-term needs.’
The money was raised from leading Israeli Institutional Investors in an oversubscribed offering, and the company will be traded under the ticker symbol HICN and will be included in the TASE Tel Tech Index. Major shareholders in Highcon include Landa Ventures, owned by Benny Landa, and JVP. Other investors are LR and OurCrowd. All shareholders continue to hold a strong position in the company.
