Shefa Yamim, the Israeli precious stones company, announced its intention to list the London Stock Exchange in November of this year.
While a date has not yet been set, the company is expecting to raise around £5m from the placing to help fund its new Kishon Mid Reach project. Operating mostly in Northern Israel, the company has targeted that production for the project will start within the next couple of years. The company has already carried out extensive research in the region and has recovered precious rubies and sapphires. More information about current projects can be found here.
The company will hope that its idea to take advantage of the growing market for precious stones in places such as China and India, will make the listing an attractive opportunity for investors.
Explaining the potential placing, Chief Executive Avi Taub stated:
We believe that demand for coloured precious stones will continue as fashion favours precious stones over the more traditional diamond. The IPO and the funds raised will allow us to bring our first project, the Kishon Mid-Reach, into production within a relatively short time, allowing us to capitalise on this growing trend. We look forward to continuing our next stage of growth and success as a public company listed on the London Stock Exchange.