Icon Systems , Which owns unique packaging manufacturing technology, has successfully completed a private placement of shares in the amount of approximately NIS 60 million. The offering was made to leading entities, including Clal Insurance andInsurance Tower That will become of interest. Clal Insurance is the largest investor and purchased shares in a private placement in the amount of NIS 25 million. Migdal purchased shares worth more than NIS 15 million.
Alongside them, Yellin Lapidot (NIS 8 million), the LR Group (which will increase its holdings in the company) and the hedge funds Sifra, Vertical and Hatzavim participated. Haikon stated that the capital raising will support the continued growth of the company and the expansion of its activities.
The company, the same manager Shlomo NimrodiIs currently traded at a value of NIS 207 million and its main shareholders are Benny Landa Holds 27.4% of the shares and the JVP fund is in the lead Erel Margalit Holding 25.5%. Investment House Altshuler Shaham Holds about 6% of the shares.
The issued shares will capitalize approximately 21.44% of the company’s capital after their allotment (fully diluted). With the shares, warrants were also issued at an exercise price of NIS 3.1 (valid until September 1, 2023), with a full exercise assumption, the exercise shares will capitalize approximately 10.72% of the company’s issued capital. The offering was led by the underwriting company Poalim IBI.
The company recently published a forecast for 2022 reflecting a significant momentum of activity, as well as an uncontrolled forecast for the end of 2021. The company estimates that it will present annual revenues of about $ 14.3 million, an increase of about 70% compared to 2020, and a near doubling of revenues. -2022 to about $ 25-30 million (depending on the mid-term forecast).
The company also expects an expected increase of 70% in 2021 in resale of consumables and services. According to Icon, the increase in sales of consumables and services in 2021 is about 120% compared to 2019. The company’s backlog of supplies in the first half of 2022 stands at about $ 5 million. The company has cash balances for the end of 2021 in the amount of approximately $ 23.7 million.
The company’s headquarters are located in the city of Yavne and it develops, markets, sells and supports digital machines that enable the creation of folding lines with D3 technology and laser cutting for packaging manufacturing plants. The company has dozens of customers, mainly in Europe and the US and more than 120 employees worldwide.