Amiad Filtration eyes London IPO
Israeli producer, supplier of water filters joins growing number of local companies to go public in England
Israel's Amiad Filtration Systems said on Monday it intends to go public on London's AIM by the end of the year.
The company is a producer and global supplier of water filters and filtration systems for the industrial, municipal and irrigation markets.
A spokesman said Amiad was seeking to raise about 8 million pounds, which would bring its valuation to above 30 million pounds.
Amiad said in a statement that it generated revenues of USD 37 million (21 million pounds) in 2004 and posted a pro forma after-tax profit of USD 3 million. It noted that it sells its products to 60 countries across the Americas, Africa, Europe, Asia and Australia. More than 85 percent of sales are outside Israel.
"The directors believe Amiad is well placed to benefit from the rising demand for cleaner water due to greater water quality regulation, ever growing population and continued industrialization," the company said.
It added that listing on AIM will enable the development of sales and marketing capabilities with a focus on high-growth areas such as China, India, Mexico, Africa and Eastern Europe and allow the company to target new high growth markets like ballast water, pre-filtration and oil and gas sectors.
Some of the net proceeds from the offering would go to strengthening Amiad's position in complete water treatment systems.
Amiad would join a growing number of small Israeli companies in opting to go public on London's AIM.
