Airobotics IPO flops, cutbacks imminent
Calcalist has learned that the Israeli UAV company didn't manage to raise the $12 million it had planned at a $50 million valuation, with the demand not even reaching the minimum threshold
Golan Hazani | 22:56 17.08.2021
Israeli UAV company Airobotics has failed in its attempt to go public on the Tel Aviv Stock Exchange. Calcalist has learned that the company didn't succeed in raising the $12 million it was targeting at a $50 million valuation. Demand in the IPO added up to just a few million dollars, not even reaching the minimum threshold of $6 million. As a result of this failure, Airobotics is planning wide scale cutbacks that will also include sackings. The valuation Airobotics was targeting was just 20% of what the company was valued at less than three years ago ($240 million). Leumi Partners and Discount Capital served as underwriters for the IPO. The revenue generated from the IPO was meant to fund the company's activity and its roadmap which included expansion and investment in R&D.