Save Foods, which develops products to improve the food safety and shelf life of fresh produce, announced terms for its IPO on Tuesday. The company is currently listed on the OTC (SAFO).
The Alonim, Israel-based company plans to raise $12 million by offering 1.1 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Save Foods would command a fully diluted market value of $32 million. Because its market cap is less than $50 million, Save Foods no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Save Foods states that it develops eco-friendly solutions for the food industry, which improve the food safety and shelf life of fresh produce by controlling human and plant pathogens. Its products are based on a proprietary blend of food acids and are capable of cleaning, sanitizing, and controlling pathogens on fresh produce. The company targets major markets that use conventional chemical pesticides and sanitizers, including the pre- and post-harvest market, the greenhouse market, and the fresh-cut market. Save Foods has not generated significant revenue from product sales to date.
Save Foods was founded in 2004 and plans to list on the Nasdaq under the symbol SVFD. ThinkEquity is the sole bookrunner on the deal.
