Israeli transportation company Dan raising $11 million in R&D partnership IPO
The partnership will focus on investing in startups in the smart mobility sector
Israel's Dan public transportation bus company is setting up an R&D partnership focused on investing in startups in the smart mobility sector. Dan is aiming to raise NIS 36 million (approximately $11 million) through an initial public offering (IPO) on the Tel Aviv Stock Exchange. Value Base will underwrite the offering, with lawyers Itay Brafman and Adi Ron, partners at the Zeev Holender Law Office, providing legal guidance.
Dan has committed to acquiring 20% of the shares on the offering and will invest NIS 4.5 million in the partnership after it goes public, while also receiving an option to invest another NIS 7.5 million.
The partnership's first investment is set to be in Israeli company Valerann at a sum of $2.7 million. Valerann, which has created a smart road solution for major highways, is being valued at $16 million in the deal, giving the R&D partnership a 12% stake in the company.