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UPDATE 1-Israeli drone maker Aeronautics plans Tel Aviv IPO -report
February 21, 2017 / 12:45 PM / in 10 months

UPDATE 1-Israeli drone maker Aeronautics plans Tel Aviv IPO -report

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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 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, declined to comment.

A spokeswoman at the Tel Aviv Stock Exchange said they were not aware of a planned IPO.

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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