Silynxcom Ltd., an Israeli-based manufacturer of tactical headsets and other communication accessories, is preparing to go public on the New York Stock Exchange (NYSE) under the ticker symbol 'SYNX'. The company, which has been in operation for a decade, has seen its products field-tested and used in combat by clients such as the Israeli Defence Forces.
The initial public offering (IPO) will consist of 2 million shares priced between $4 and $6 each. If all shares are sold at the upper end of that range, the company could raise up to $12 million, giving it a valuation of approximately $36 million. The underwriter for the offering is ThinkEquity.
Despite reporting a loss of $2.3 million in the first half of 2021, Silynxcom's performance improved significantly over the previous year. In 2020, the company reported an income of $1.0 million and saw its revenue rise to $3.1 million from $1.9 million.
Proceeds from the IPO will be used to fund research and development initiatives, marketing efforts, and working capital. This move comes at a time when market performance shows a positive trend for IPOs. The Renaissance IPO ETF has gained 18.6% year-to-date (YTD), outperforming the S&P 500's 7.3% gain.
Silynxcom's decision to go public aligns with a broader trend in the tech sector, with numerous technology companies choosing to list their shares on stock exchanges to raise capital for expansion and development efforts. The successful performance of recent IPOs indicates a strong appetite among investors for new listings in this space.
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