Bar-Ilan University’s textile developer Sonovia has completed an $18.5m initial public offering on the Tel Aviv Stock Exchange.

Sonovia, an Israel-based developer of fabrics based on research at Bar-Ilan University, has completed a NIS55.9m ($18.5m) initial public offering on the Tel Aviv Stock Exchange, the Jerusalem Post reported today. The company raised an additional $3.7m through a concurrent private placement. The offering pushed Sonovia’s valuation to $43.4m, up from $29m. Sonovia manufactures textiles…

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