Wix to Choose JPMorgan for Leading IPO

Wix, founded in 2006, is a reputed service of online tools for creating websites and this Israel based company has chosen JPMorgan Chase & Co. for leading its initial public offering in US. Though the news is yet to be confirmed officially, people close to this matter acknowledged the fact, in terms of their anonymity, as the things are still pretty much private.

Wix will be seeking around $75 million in the offering. Incidentally, the last Israeli company to have listed itself in New York was Caesarstone Sdot Yam Ltd. In its IPO held a year back, the company actually raised $84.25 million. Caesarstone, which is a renowned maker of quartz-based countertops, incidentally, jumped up by 7.9% on yesterday, leading all the Israeli companies listed in the US. Some other prominent Israeli companies to have listed themselves in US stock exchange are: Babylon Ltd., the known software developer and Kamada Ltd., known for making medical treatments. Caesarstone actually had a surge of 127% since making the debut on last March and has actually had the 2nd most successful foreign IPO in New York. In 2013, the 24-stock Israeli US measure increased by 3.1%. On the other hand, the NASDAQ Composite Index surged ahead by 6.4% in this year.

According to Renaissance Global IPO Plus Aftermarket Fund’s Portfolio Manager, Linda Killian, the current appetite for the IPOs is pretty strong. Linda added that the demand for tech deals is increasing with each passing day provided they have a differentiated product and have some solid prospects to show growth in future.

Wix basically runs an online platform enabling users to create web pages without any computer programing skills. Over the years, the company has found appreciation among its users and thereby has made a name for itself in the online world. Wix’s board member Michael Eisenberg was asked about this possible IPO, however, he declined to air any sort of comment on this matter. Incidentally, Michael is also the partner of Benchmark Capital, a venture capital firm which, in 2010, invested in Wix. The spokeswoman of JPMorgan, Tasha Pelio, also didn’t agree to divulge any details. In 2012, Caesarstone was the only company, based in Israel, to have gone for an IPO.

In the last 2 years, the Israeli companies have sold around $417 million worth stocks in IPOs held all over the world.