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Borderfree IPO values firm at $700m-$1b

Israeli Internet company Borderfree hopes to raise $86 million in an initial public offering in the United States for trading on Nasdaq, at a company valuation of $700 million to $1 billion, the company said in a shelf prospectus submitted to the U.S. Securities and Exchange Commission this week. The prospectus, which reveals the company’s financial data for the first time, notes annual revenues of $110.5 million in 2013, a 35% increase over 2012. But like many Internet companies, Borderfree is not yet profitable, with a net loss of $700,000 in 2013 and net gain of $200,000 in 2012. The company lets users outside the United States buy from U.S. websites in their own currency. One of Israel’s oldest Internet companies, Borderfree was founded in 1999 and has 190 employees. (Inbal Orpaz)

2013 record year for firms raising VC

The value of 80% of Israeli companies that raised venture capital in 2013 increased versus their previous capital round, found a survey conducted by law firm Shibolet & Co. This is a high not seen since 2008. This pace is not even seen in Silicon Valley, where 69% of fundraising rounds were conducted at higher valuations than the previous round. In total, 662 Israeli companies raised $2.3 billion last year. The survey includes investments of $500,000 or more. “The survey results point to a year of unprecedented optimism,” it states, adding that Israel’s high-tech sector is “healthy and strong.” Alternately, a pessimist could say that this is yet another sign that the sector is heading into a bubble. (Inbal Orpaz)

TASE nudges up

The Tel Aviv Stock Exchange finished yesterday’s trading session with small gains, as Wall Street opened in the green. The blue-chip TA-25 index gained 0.1% to close at 1,323 points, while the broader TA-100 index gained 0.14% to close at 1,224 points. The Banks-5 index bucked the trend to close down 1%, while the Real Estate-15 index lost 0.25%. Total turnover was 997 million shekels. Notable shares included Teva, up 2.1%, and Bezeq Telecommunications, up 2%. (Shelly Appelberg)

The number of companies traded on the Tel Aviv Stock Exchange to pay a dividend rose more than 13% last year.Credit: Ariel Schalit