SINGAPORE (THE BUSINESS TIMES) – The Trendlines Group announced on Monday (April 5) its proposal to seek a dual primary listing on Israel’s Tel-Aviv Stock Exchange (TASE).
The medical and agrifood technology investment company also said it plans to raise more capital with a public offering of new securities in conjunction with the listing. Trendlines expects at least 70 per cent of these securities to be subscribed by institutional investors.
According to the company, institutional investor interest is growing in technological companies listed on TASE.
There have been more than 40 initial public offerings on TASE in recent months, Trendlines added. To the “best of the company’s knowledge”, TASE is expecting as many as 70 IPOs for the first half of this year.
As the stock markets in Singapore and Israel attract different investors, Trendlines said the dual listings will provide the company with access to two different equity markets.
Todd Dollinger, co-chairman and co-chief executive officer of Trendlines, added: “As the Israeli investment community, especially institutional investors, are receptive to and familiar with Trendlines’ business model, we expect greater liquidity to our shares.”
Trendlines, which is an Israeli incorporated company, had on March 31 submitted an application to the Israeli Securities Authority (ISA) to publish a prospectus on TASE.
The company is also in the midst of consulting with SGX on the proposed TASE listing and securities offer.
It cautioned, however, that its proposals are subject to approvals from TASE, ISA, SGX and Trendlines’ existing shareholders. The completion of the listing is also subject to market conditions. There is therefore “no certainty or assurance” that the listing will take place.
