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UPDATE 1-Israeli ad firm Matomy's shares rise on London debut
July 8, 2014 / 8:35 AM / 3 years ago

UPDATE 1-Israeli ad firm Matomy's shares rise on London debut

(Adds opening price, details)

TEL AVIV/LONDON, July 8 (Reuters) - Shares in Israeli digital advertising firm Matomy began trading on the London Stock Exchange (LSE) at 235 pence on Tuesday, above the price of 227 pence the firm set for its initial public offering.

The listing came after a failed attempt in March when Matomy, which counts American Express and HSBC among its clients, could not raise enough money from EU investors following a poor performance of high-profile Internet stocks.

The company decided to try again when the LSE made its investment requirements more accommodating.

The offer was expected to raise gross proceeds of about 41 million pounds ($70 million), valuing the business at 203 million pounds, the company said.

Under LSE rules, Matomy had initially needed at least 25 percent of its shares held by investors in Europe at the time of its listing, but the company said the bourse later lowered its requirement.

The LSE, according to Matomy, offered to make available a special track for Matomy and other Israeli technology companies to list on the main London exchange as “growth companies”. In this category only 10 percent of shareholders need be in Europe - a level previously allowed only for European companies.

“I think a lot of companies which are international and are growing and going public will look to the London Stock Exchange. I‘m sure that many companies will follow us,” said Matomy Chief Executive Ofer Druker.

$1 = 0.5877 British Pounds Reporting by Ari Rabinovitch, Tova Cohen and Freya Berry; Editing by Mark Potter

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