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Japanese Technology Holding Company IRI Wants to Raise $30 Million in Tel Aviv IPO

Japanese Technology Holding Company IRI Wants to Raise $30 Million in Tel Aviv IPO

Tokyo-headquartered Internet Research Institute registered in Israel in August

Dror Reich  :  2017-12-03T13:18:07..
Tokyo-headquartered tech holding company Internet Research Institute Inc. wants to raise $20-$30 million according to a company value of $50-$100 million, two people familiar with the matter who spoke on conditions of anonymity told Calcalist.

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Calcalist first reported IRI's intention to list on the Tel Aviv Stock Exchange in May. The company registered in Israel in August and is currently listed as a candidate on the exchange's website after submitting a prospectus Thursday.

Tel Aviv Stock Exchange. Photo: Oren Cohen Tel Aviv Stock Exchange. Photo: Oren Cohen Tel Aviv Stock Exchange. Photo: Oren Cohen

IRI's underwriter for the IPO is Discount Capital Underwriting Ltd., a subsidiary of Israel-based Discount Group. According to the prospectus, IRI intends to use the money raised to bring Israeli technologies and ideas to the Japanese market, mainly in the domains of IoT, cybersecurity, and AI. The company intends to do so in the framework of either a local research and development outpost or local acquisitions and investments.

IRI has annual revenues of $8 million and annual net profits of around $2 million, according to the prospectus, and $12 million in its coffers after two private placements made earlier this year.

In September IRI invested $200 thousand in Israel-based biotech company Beta-O2 Technologies Ltd., a company developing an artificial pancreas for the treatment and potential cure of type 1 diabetes. Earlier this year, IRI donated $4 million to the Technion – Israel Institute of Technology’s cybersecurity research center, which opened in 2016.

IRI was founded in 1996 by President and CEO Hiroshi Fujiwara as a research and development company for the construction and operation of IP networks. The company has three subsidiaries: wholly owned Nano Opt Media Inc., Mobile Internet Capital, Inc., in which it holds a 30% stake, and BroadBand Tower, Inc., in which it holds a 22% stake.

Established in 2000 and based in Tokyo, Nano Opt Media is an organizer and producer of live events for the Japanese technology industry. The company reported net profits of $700,000 for 2016. It was acquired by IRI in 2015.

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