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.