The Israeli developer of digital finishing kit for cutting and creasing has the backing of Landa Digital Printing founder Benny Landa, who is Highcon’s biggest shareholder with a 27.46% stake via Landa Ventures.
Highcon shares are now trading on the TASE Tel Tech Index.
The IPO was over-subscribed, and valued Highcon at $165m after the offering.
Highcon CEO Shlomo Nimrodi said the proceeds would be used to increase the firm’s global presence, and to support and expand its existing product offering.
"Following a challenging initial six months of the year with the Covid-19 pandemic and the cancellation of the Drupa tradeshow we are now seeing a positive sales and marketing trend resulting in numerous deals in both the US and Europe,” he stated.
“This increase is driven by the uptick in e-commerce and the move toward improved sustainability. I am humbled by the opportunity to lead a company in the forefront of the digital transformation in the packaging industry and grateful to the Highcon team around the world for their commitment to this vision especially during the challenging times we are all experiencing as a society.”
Highcon’s other backers include Jerusalem Venture Partners (JVP), LR Group and OurCrowd. Interested parties hold 59.42% of the business, there is a free float of 32.6%, and institutional investors hold just under 8%.
In the summer of 2017 Highcon raised $20m from backers including Landa Ventures and JVP.
It had planned to show enhanced versions of its Euclid and Beam systems at Drupa, including the 4,000sph Beam 2C targeted at corrugated applications, which is available in a non-stop production configuration.
"After seven years in the field, the Highcon technology has gone through substantial improvements as reflected in the increase in the number of jobs per machine by 35% year over year from 2016 to 2019, many of which were delivered to major brands," the firm stated.
Kent-based Delga Group installed a Highcon Euclid III at its packaging wing just over three months ago, after the original installation plan was delayed due to the pandemic.
