ODF to go public at NIS 150 million

Tel-Aviv based start-up company ODF Optronics is on its way to the Tel Aviv Stock Exchange, Calcalist has learned.

The company develops surveillance systems that create real time video images, and is currently drawing up its prospectus in preparation for its upcoming initial public offering, planning to raise NIS 30-40 million (about $8-10 million) in capital with the company valued at NIS 150-160 million ($40-43 million).

The company has started discussions with several underwriters, however, the IPO will probably be led by Analyst Underwriting along with other underwriters. The company plans to go public before the end of 2010.

ODF is mainly known for its series of futuristic products that enable defense units get a panoramic view of their surroundings. Their flagship, the EyeBall, is a ball that contains cameras and a microphone that soldiers and policemen can throw, much as they might throw a grenade, into an area under surveillance. The ball always lands upright, it operates a rotating camera and sends images pictures from the scene wirelessly.

Additional products include the EyeDrive, a 7.7 lbs (3.5 kg) small robot that contains five cameras and minute explosive charges that can defuse a bomb, and the EyeFly, a device with an inbuilt camera that can be shot from a rifle and clings to the wall. Some of these products were used by the Israel Defense Forces during Operation Cast Lead.

According to Colonel (res.) David Rokach, head of the armament division at GOC headquarters of the IDF, some of them were 'life savers'.

ODF supplies robots to the IDF and the Israel Police, as well as defense agencies in Canada, the USA, South America and South-East Asia. A year ago, the company signed a strategic agreement with the American defense contractor Northrop Grumman Corporation according to which NGC would exclusively produce and market ODF products in Canada and the United States.

The Major shareholder (49%) and chairman of the company is Mark Belzberg, one of the leading investors in e-Sim (formerly known as Emultek) at Misgav, and founder of the philanthropic fund OneFamily.

Additional shareholders in the company are founder Ehud Gal, formerly deputy chief scientist at the Ministry of Defense, Spark Enterprise L.P. founded by the late Meir Amit, Businessman Benjy Kahn, son of Morris Kahn, attorneys Yehuda Talmon and Haim Croitoro and several foreign funds.

In the 10 years since it was established, the company has raised over $20 million. The company is managed by Josef Fishman, and employs 45 employees. The company has not released a comment to this report.

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