Another Israeli company is Nasdaq-bound. Home Skinovations, founded by Moshe Mizrahi, manufactures laser hair-removal devices. It joins Kamada and Babylon, other Israeli companies planning on joining Nasdaq. The company, which is not traded on the Tel Aviv Stock Exchange, presented a confidential draft prospectus for an initial public offering aimed at raising $75 million-$80 million on Nasdaq at a company valuation of $300 million.
If successful, Home Skinovations will join the 100 or so Israeli companies already trading on U.S. markets. Home Skinovations was founded in 2006 by Mizrahi and Dr. Amir Waldman, two former employees of the Israeli manufacturer of nonsurgical cosmetic devices Syneron.
Home Skinovations hopes to cash in on the recent rise in personal spending in the United States, its main target market. Following FDA approval, the company had an estimated $60 million in revenues in 2012, with net profits of $10 million. To date, $13 million have been invested in the company, by Mizrahi as well as by the IHCV investment fund belonging to Hadar Ron, his Syneron colleague. They launched Syneron on Nasdaq in 2004, making enormous profits.
The timing for launching Home Skinovations is not fortuitous. The American markets are on an uptick following the deal reached in the U.S. Congress over the fiscal cliff, with Wall Street gaining 6% since the year began and the S&P at its highest level in seven years.