Bar-Ilan University’s textile developer Sonovia has completed an $18.5m initial public offering on the Tel Aviv Stock Exchange.
Sonovia, an Israel-based developer of fabrics based on research at Bar-Ilan University, has completed a NIS55.9m ($18.5m) initial public offering on the Tel Aviv Stock Exchange, the Jerusalem Post reported today.
The company raised an additional $3.7m through a concurrent private placement. The offering pushed Sonovia’s valuation to $43.4m, up from $29m.
Sonovia manufactures textiles and chemical solvents. Its SonoMask is a face mask that can neutralise the novel coronavirus at an effectiveness of more than 99.3% by using ultrasonic irradiation to incorporate zinc oxide nanoparticles in the fibres.
Joshua Herchcovici, chairman and chief executive of Sonovia, said: “Sonovia is a green impact company that strives to revolutionise the textile world and make it greener and safer for use.
“We are happy to receive the Israeli stock exchange’s vote of confidence in our company’s activity, which has been expressed through the high demand our company received from leading investors in the stock exchange.”
Details about Sonovia’s funding history could not be ascertained.
