CEO Eli Grinberg, who co-founded Scodix with Kobi Bar in 2007, thanked investors for their “significant expression of confidence” in the firm, which aims to expand on the back of “megatrends” in key markets.

“Scodix has identified significant demand for enhanced printing solutions in the packaging and Web-2-Print markets and aims to increase its foothold. In recent months, we have worked with leading global packaging manufacturers and recognise the growing interest in our solutions. At the same time, we continue to serve the commercial print market,” he stated. 

He cited a total potential market of $10bn across packaging, web-to-print, and commercial print.

The firm has more than 360 systems installed worldwide, and holds 41 patents and 10 patent families.

It highlighted its strong recurring revenues of consumables including its special polymer, meaning that even though sales fell from $30.7m in 2019 to $16.4m in pandemic-impacted 2020, the business still had recurring consumables sales of $7.2m. Scodix also had a $7.4m order backlog involving 10 systems earlier this year. 

Its UK agent is Friedheim International.

The flotation involved 33.74% of the shares, with 60.18% held by interested parties including Grinberg and the firm’s biggest shareholder Tene Growth Capital which has a 32.38% stake, the remaining 6.08% is held by institutional investors. 

Scodix’s shares listed last week at ILS634 (£141) and were up at ILS704 at the time of writing, giving a market capitalisation of ILS211.2m.  

Fellow Israeli print tech developer Highcon carried out a similar IPO at the end of last year.