SodaStream Advances in First Day of Tel Aviv Tradingby
SodaStream International Ltd. rose in its first day of trading on the Tel Aviv Stock Exchange, as the manufacturer of homemade fizzy drinks vies for investments from Israeli institutions.
The company gained 4.2 percent, bringing its market capitalization to 1.3 billion shekels ($336 million). The stock, which has declined 21 percent this year in the U.S. as of 10:27 a.m. in New York, is likely to be included in the TA-75 and TA-100 indexes.
SodaStream joins U.S.-based companies BioTime Inc. and MannKind Corp. that listed their shares in Israel within the past few months, partly the result of TASE Chief Executive Officer Yossi Beinart’s efforts to reverse lower trading volumes and boost dwindling initial public offerings. There have been two IPOs on the exchange this year, which is on course to be the worst since 2008. There were a record 62 in 2007.
SodaStream said last week the dual-listing will expand its shareholder base and offer extended trading availability. The company has pledged to invigorate struggling sales by reinventing itself as a health-conscious provider of sparkling-water machines.
The shares climbed to 61.80 shekels, while the benchmark TA-25 Index added 1.5 percent.