Wednesday March 15, 5:50 am Eastern Time
Israel's Nova seeks to raise $60 mln in Nasdaq IPO
JERUSALEM, March 15 (Reuters) - Israel's Nova Measuring Instruments Ltd has filed for a $60 million initial public offering on Nasdaq, its parent companies said on Wednesday.
The offering will be priced at $18 to $20 a share, the companies said in a statement to the Tel Aviv Stock Exchange.
This price values Nova at $230 million to $260 million before the offering, the statement said.
A Nova source said the money would be used for supporting reserarch and development, working capital and general corporate purchases. He said that although there is no set timetable, the offering should take place within a few weeks.
Brokerages Chase, SG Cowen and Needham will be the main underwriters.
Nova's major shareholder Clal Electronics currently owns a 25 percent stake but this will be reduced to 19 percent after the IPO. Clal said it expects a $10 million capital gain from the offering.
Nova develops, produces and markets monitoring and measurement systems for the semiconductor manufacturing industry.