Israeli defense tech firm Smart Shooter raises $65 million in IPO
Company valued at $293 million as global conflicts fuel a surge in military technology demand.
Smart Shooter has completed an initial public offering and will begin trading on the Tel Aviv Stock Exchange after raising NIS 200 million (approximately $65 million) in new capital. In addition, existing shareholders sold NIS 60 million (approximately $19.5 million) worth of shares in a secondary offering, valuing the company at NIS 900 million (approximately $293.2 million) post-money.
The company, based in Kibbutz Yagur, was founded in 2011 by former Rafael executives Michal Mor and Avshalom Ehrlich. It develops, manufactures and markets smart electro-optical sights designed for a range of firearms and robotic platforms, enabling more precise long-range shooting.
According to the company, its systems enhance operational effectiveness against human, stationary, mobile and aerial targets in complex combat environments, with a focus on improving accuracy and lethality.
Mor, who serves as CEO and chairman, and Erlich held 12.8% and 6.4%, respectively, prior to the offering. As part of the secondary sale, each sold roughly a quarter of their holdings, receiving NIS 18 million (approximately $5.9 million) and NIS 9 million (approximately $2.9 million), respectively. Following the offering, their stakes declined to 7.3% and 3.6%. Mor is also expected to receive a special IPO-related bonus of NIS 1 million (approximately $326,000).
Maj. Gen. (res.) Nitzan Alon, who recently served as head of the Prisoners of War and Missing Persons Command and has been a director since March 2021, sold most of his 0.6% stake for NIS 2 million (approximately $652,000).
The IPO comes amid heightened global demand for defense technologies, against the backdrop of war in the Middle East and the ongoing conflict between Russia and Ukraine, which have contributed to rising military procurement worldwide.
Smart Shooter’s sales nearly doubled from $12.3 million in 2023 to $24.5 million in 2024, and are projected to reach $36.5 million in 2025. The company reported positive EBITDA of $1.5 million and expects EBITDA to rise to between $6.5 million and $7.5 million in 2025.
Smart Shooter sells to military and security agencies in more than 25 countries. The Israel Defense Forces is its largest customer, accounting for 36% of sales in the first nine months of 2025.
Following the IPO, 29% of the company’s shares are held by the public.
