Visonic had held road shows in England, France and Israel and was rewarded with oversubscription. The company said none of the board members mean to sell any of their shares before the company publishes its financial statements for 2004, during February 2005.
Dr. Avi Shachrai, president and CEO of Visonic, commented that the company was pleased with the success of its London IPO, which should open new doors of opportunity.
The proceeds will serve to further new product development and expand marketing, as well as financing growth through acquisitions.
The company was established in 1973. Aside from its Tel Aviv headquarters, it maintains facilities in Kiryat Gat. In 1996 it spun off Visonetix, and has a subsidiary in Carmiel called VisAccess. It also maintains sales offices in the U.S., Britain, Spain, Germany, Norway, Singapore and Australia. Visonic has 400 employees in Israel and elsewhere. Its clients include British Telecom, Spain's Telefonica, ADT, Honeywell, and Siemens.
Revenues in 2003 amounted to $53 million, versus $45 million in 2002. Pretax profit was $4.7 million in 2003, versus $3.7 million in 2002, an increase of 26%.
A year ago Visonic acquired Elpas, which develops asset tracking and management solutions, mainly for healthcare and educational institutions. The deal, a share swap, valued Elpas at $6.5 million, while Visonic was valued at $50 million.
Visonic Technologies a provider of advanced alarm systems for homes and institutions, announced that it completed its London offering of shares.
The Israeli company tapped the London Stock Exchange for £9.5 million at a company valuation of £35 million.
Dawnay, Day, Cukierman and Durlacher accompanied the offering, in which Visonic issued 10.8 million shares, or 27% of its equity, for 88p per share.