February 21, 2017 / 11:50 AM / in 9 months

Israeli drone maker Aeronautics plans Tel Aviv IPO -newspaper

JERUSALEM, Feb 21 (Reuters) - Israeli drone maker Aeronautics is planning an initial public offering on the Tel Aviv Stock Exchange that will value the company at around 1 billion shekels ($270 million), financial news website TheMarker reported on Tuesday.

Officials at Aeronautics and the Tel Aviv Stock Exchange were not available to comment on the report in TheMarker, one of Israel’s leading financial news outlets. Officials at Viola Group, a private equity group invested in Aeronautics, were also unreachable for comment.

Aeronautics develops, manufactures and markets unmanned aerial vehicles.

According to TheMarker, current shareholder including Viola plan to offer 40-50 percent of the company’s equity in addition to issuing more shares to raise funds for its operations. ($1 = 3.7062 shekels) (Reporting by Ari Rabinovitch)

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