Israeli precious stones company Shefa Yamim announced its intention to list in London today as it gears up to go ahead with its first big project.
The company primarily operates in Northern Israel, where it has carried out extensive exploration and bulk sampling, recovering sapphires, rubies and moissanite crystals. The company has even registered one of its finds as a brand, called the Carmel Sapphire.
The company expects to raise as much as £5m from the placing, which will fund its first project: the Kishon Mid Reach project. Shefa has targeted initial production within the next two years.
The group will likely have a market cap of approximately £16m.
“The market for precious stones has grown considerably in the last five years, driven by emerging markets such as China and India," explained chief executive Avi Taub.
"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.”