Israeli telecom equipment maker ECI plans London IPO -report

TEL AVIV, July 16 (Reuters) - Israel’s ECI Telecom Ltd is looking to raise 130 million pounds ($172 million) on the London Stock Exchange in a deal valuing the company at around 500 million pounds, the Calcalist financial news website reported on Monday.

Barclays and UBS Group are the bookrunners for the initial public offering, Calcalist said, citing a person familiar with the matter. ECI has contracted a British law firm to prepare the prospectus, it added.

ECI’s owner, Israeli businessman Shaul Shani, intends to list the company this year or in early 2019, the report said, noting that the telecommunications equipment supplier prefers to go public in London as most of its sales are from Europe, Africa and East Asia.

ECI Telecom said it does not comment on rumours.

A spokesman for Barclays declined to comment. Officials at UBS had no immediate comment.

Calcalist estimated the company’s revenues at $380 million for 2017. ($1 = 0.7557 pounds) (Reporting by Tova Cohen, editing by Louise Heavens)