High demand was recorded in the issuance of shares of Productivity Network , And the company will raise a higher amount than planned – $ 156.5 million, instead of $ 100 million. The scope of the raising may increase by an additional $ 23.5 million, if the underwriters exercise an option to purchase additional shares. At the end of the previous quarter, Productivity had cash and investments of $ 156 million, and after the end of the quarter, it announced the acquisition of the Israeli startup Vidazo for $ 35 million in cash.
The share price in the offering was set at $ 21.5, a 12% discount on the closing price of the stock yesterday (Wednesday) on the Nasdaq ($ 24.4). Bo Ferion raised about $ 60 million at a price of $ 11.5 per share.
The company’s investors were not enthusiastic about the discount given on the share price, andproductivity Loses height both in Tel Aviv and in New York – and approaches the price set in the IPO.
Productivity, managed by Doron Gerstel, provides digital solutions in the fields of Internet search and advertising. Prior to the IPO, the company updated on a further increase in forecasts for the years 2021-2022. Productivity is traded on the Nasdaq and Tel Aviv at a market value of $ 855 million.
The underwriters in the offering were Oppenheimer, Stifle and Raymond James, the sub-underwriters were Roth Capital and Lake Street, and Nidham served as a consultant.