Tech stocks in Tel Aviv bubbling nicely
The Tel Aviv Stock Exchange has seen a wave of highly priced technology company IPOs. Are the valuations realistic?
The wave of flotations of technology companies on the Tel Aviv Stock Exchange (TASE) is the most prominent feature of the revival of the local primary market. According to figures for 2020 supplied by the TASE, 18 of last year s 26 newly listed companies belong to the various branches of the technology sector. This is a peak not seen since 2007.
Several of these companies have yet to record any revenue, or have very low revenue indeed. Among these are Eccopia Scientific and BladeRanger, which have developed robots for cleaning solar energy panels, digital carton cutting and creasing company Highcon, advanced power solutions companies Aquarius Engines and GenCell, foodtech and agritech companies Millennium Foodtech, Smart Agro, and SavorEast, and medical device company Human Xtensions.