Trendlines, an Israeli based tech company that targets the medical and agricultural industry, recently completed its IPO on the Catalist of the SingaporeExhcange trading under the on ticker symbol SGX:42T. The company reports that S$38.7 million was raised with IPO proceeds of S$25 million adding to pre-IPO investment. Notably Braun Melsungen AG subscribed for S$7.1 million of Trendline shares. The company stated that 75,760,000 shares were floated at $0.33 /share, an amount that was approximately 1.4 times net tangible assets as of June 2015. The valuation was placed at approximately $90 million USD. Trendlines stated that investor interest far exceeded shares offered.
Trendlines is an OurCrowd portfolio company having raised $990,000 on the equity crowdfunding portal. The company filed to list on the SGX junior board this past October. OurCrowd described the tech incubator company as follows:
The Trendlines Group establishes, invests in, and develops innovation-based medical and agritech businesses that improve the human condition. By employing a unique business model, Trendlines de-risks early stage investing in these fields. Since its founding in 2007, Trendlines has experienced strong growth, establishing, funding and building over 40 companies. Of these, many are revenue stage, two are publicly traded, and numerous have potential for highly profitable exits in the next years.
Trendlines Co-Chair and CEO D. Todd Dollinger said, “It was encouraging to see the interest from investors. While Trendlines’ business model is unusual compared to most of the listed companies in Singapore, investors understood Trendlines’ ability to incubate technology-based companies in the medical and agricultural fields, bring them to commercialization, and achieve significant returns for investors. The value of investing in Trendlines is well validated by cornerstone investor B. Braun’s strategic investment in us.”
Steve Rhodes, who shares the same executive titles as Dollinger called the listing a “great start”.
“The additional funds build Trendlines’ strong financial position, providing the flexibility to make follow-on investments in portfolio companies, expand into new markets, grow Trendlines Labs, and support and increase the number of portfolio companies.”
OurCrowd experienced its first successful IPO with the listing on NASDAQ of ReWalk in late 2014. OurCrowd is a global equity crowdfunding platform that invests side-by-side in every deal listed on the platform.
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