Israel-based exoskeleton producer Rewalk Robotics filed for an initial public offering in the US on Thursday that could raise up to $57.5m.
Founded in 2001 as Argo Medical Technologies, Rewalk produces motorised legs that can help disabled people to walk. It will seek to spend the IPO proceeds to expand sales and marketing activities, as well as the development of the next generation of Rewalk technology.
Rewalk’s shareholders include motor technology producer Yaskawa Electric, which owns 25.4% after investing $17m in the company in September 2013.
Other notable shareholders are venture capital firms SCP Vitalife Partners, which is Rewalk’s largest shareholder with a 28.4% stake, Israel Healthcare Ventures, Pontifax and Previz Ventures.
Barclays and Jefferies are the joint bookrunners on the deal, while Canaccord Genuity is also acting as an underwriter.
– Photo courtesy of Rewalk Robotics Ltd.