Robotic parking co Parkomat raises NIS 23m in TASE IPO

1 month, 1 week ago - 5 July 2022, globes
Robotic parking co Parkomat raises NIS 23m in TASE IPO
The Ness Ziona-based company plans, develops, delivers, assembles and services mechanical and robotic parking systems for real estate projects in Israel and abroad.

Despite the dearth of new offerings on stock markets in recent months, Israeli robotic parking systems company Parkomat International has reportedly ensured raising NIS 23 million on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 41 million, before money. The IPO was led by underwriters Leumi Partners.

Based in Ness Ziona, Parkomat was founded in 2009. The company plans, develops, delivers, assembles and services mechanical and robotic parking systems for real estate projects in Israel and abroad. At the same time through its subsidiary Jupiter, Parkomat develops and sets up robotic installations for the quick charging of electric vehicle batteries.

Parkomat cofounder Giora Naveh serves as CEO and chairman of the company. He is the company's controlling shareholder together with the other three founders.

The company has been growing rapidly with revenue of NIS 66.3 million in 2021, up 51.2% from 2020, when revenue was 28% higher than 2019. Overall profit in 2021 was NIS 6.1 million, up from NIS 3.3 million in 2020, and NIS 380,000 in 2019.

Parkomat has 60 employees and says it has delivered 250 projects to date with thousands of parking places. The mechanical parking systems are based on hydraulic lifting which takes advantage of unused space in underground car parks (8% of company revenue), while robotic systems handle parking in a computerized and automatic way (92% of revenue).

Parkomat estimates that each parking place costs a developer NIS 50,000, not including infrastructure, and estimates that the market in Israel is worth NIS 500 million annually.

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