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Israel's Optibase Switches IPO Venue to Nasdaq
Reuters
JERUSALEM — Israel's Optibase Ltd. has dropped plans for an initial public offering (IPO) on France's Nouveau Marche in favor of a NASDAQ flotation, a company adviser said on Tuesday.

"In my opinion things didn't change that much, but the underwriters are convinced (a NASDAQ offering) is possible in the current situation — NASDAQ has been hot in the past month," Edouard Cukierman told Reuters.

In December Optibase, a digital video technologies developer, said it was planning an IPO on France's Nouveau Marche because the company was too small for the NASDAQ.

Optibase has a valuation of $60 million.

Cukierman said the company now believed the current climate on NASDAQ made it amenable to smaller companies. "Two months ago the NASDAQ was closed — today it is open," he said.

Optibase intends to raise $25 million through an offering of about 24-30 percent of the company's equity.

Cukierman said higher liquidity, better exposure and greater familiarity with Israeli high-tech industry make the NASDAQ the exchange of choice for high-tech IPOs.

C.E. Unterberg, Towbin and Needham & Co are managing the IPO while Nomura and Oddo are planning to market 20-25 percent of the offering to European investors.

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