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Yosef Harash
Feb. 9, 2021
They are called “dream companies,” firms that have gone public on the Tel Aviv Stock Exchange either through an initial public offering or by merging with a listed shell company. Many of them have no revenues, much less profits, but they are trading at heady valuations anyhow. That’s because they offer investors rosy forecasts, in other words a dream of a brilliant future lying ahead for those with patience.
Most of the dream companies are in high-tech sectors, such as food-tech, fintech and renewable energy, which since the dot com boom has had a tradition of loss-making stars going public. Many of them are pharma and biomed companies that need years and tens of millions to develop their first product that could end in failure or a fortune.