In a placing with UK institutions underwritten by Altium Capital, the Raanana, Israel-based company priced its 14,141,414 new ordinary shares at a price of 99 pence ($1.80) per share, which raised 14 million pounds ($25 million) before expenses,
When ComputerWire spoke to Orca’s chief executive Haggai Barel in early September, Barel confirmed that any funds raised would be mainly for sales and marketing efforts, as well as to give the company more presence when dealing with big-name partners that currently include the likes of Samsung Electronics, Nokia Corp, and Hewlett-Packard.
Shares are expected to commence trading on October 13 under the ticker symbol ORCA. On admission, it will have 25,278,549 ordinary shares in issue, and a market capitalization of approximately 35 million pounds ($63 million).
Orca Interactive is a subsidiary of Emblaze Ltd (formerly known as Geo Interactive), a group of companies that offer communication technologies for various sectors including the military and homeland security markets. Emblaze retains approximately 60% of Orca.
Eli Reifman, chief executive of Emblaze, said: This flotation will give it [Orca] the visibility, and incentivize its management and employees to maximize the strong growth for IPTV expected over the next five years. The fact that we have not sold any shares in Orca underlines our long-term commitment and confidence in its future.
Orca itself develops and licenses Internet protocol-based TV middleware that enables broadband IP service providers to deliver interactive television and video services over broadband. Orca’s software addresses the needs of movie-on-demand providers, such as broadcasters, telecom operators, cable operators, and broadband ISP operators.
