September 20, 2018 / 7:50 AM / 2 months ago

Israeli telecom equipment maker ECI considers London IPO

JERUSALEM, Sept 20 (Reuters) - Israeli telecom equipment maker ECI Telecom said on Thursday it was considering raising $230 million in an initial public offering on the London Stock Exchange.

The company said in a statement it has engaged Barclays and UBS to be coordinators and bookrunners in the possible IPO.

“The offer would be comprised of new shares to be issued by the company, to raise gross proceeds of approximately $230 million, and a potential offer of existing shares to be sold by the selling shareholder,” ECI’s registration document said.

The company said the IPO would allow it to pay off debt and increase its profile and brand recognition.

ECI provides networking and data transport products to service providers, utilities, government and security customers. The company is based in Petach Tikva, Israel and at the end of 2017 had more than 250 customers and operations in more than 70 countries.

It had revenue of $197.7 million in the first six months of 2018, up from $159 million a year earlier, and recorded a loss of $18.8 million versus a $34.3 million loss the previous year.

ECI, once a publicly-traded firm, was acquired by the Swarth Group and other investors for about $1.2 billion in 2007 and delisted from Nasdaq.

Reporting by Ari Rabinovitch, Editing by Tova Cohen

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