Gilat founder on course for another satellite company IPO
Yoel Gat is aiming to take SatixFy public on the Tel Aviv Stock Exchange at a valuation of $500 million
Golan Hazani | 10:54, 23.12.20
Yoel Gat, the founder of Gilat Satellite Networks, is planning to take another satellite company public on the Tel Aviv Stock Exchange. According to a source who spoke to Calcalist under the condition of anonymity, Gat, who took Gilat from inception to a public company with over $500 million in sales, 3,000 employees, and over $4.5 billion market cap before leaving in 2003 after the company had plummeted into debt and had to be sold to creditors, is aiming to take SatixFy public at a valuation of $500 million, almost double of what Gilat is currently being traded at. SatixFy has already selected underwriters and is currently in the process of preparing a prospectus based on its 2020 reports. If everything goes according to plan, the IPO is expected to go ahead over the next 4-5 months. According to the source, SatixFy was in advanced stages of preparing to go public on Nasdaq one year ago, but halted the process due to the outbreak of the Covid-19 pandemic. SatixFy is a leading provider of satellite and quasi-satellite communication technology that reduces the cost, size, weight, power, and increases the performance of user-terminals, payloads, and gateway equipment, and the cost of the air-time (OPEX) of the satellite capacity. The company was founded in 2012 and raised $25 million at the time. It has raised a total of $45 million to date. SatixFy's main funding round was in 2016 and was led by the Catalyst Fund.