The executive in charge of new listings at The Australian Securities Exchange has said the local bourse has set a target to become known as the Nasdaq of the Pacific, as he takes a key role in a delegation led by ASX chairman Rick Holliday-Smith to woo fast-growing tech companies in Israel.
Executive general manager of listings and issuer services Max Cunningham and Mr Holliday-Smith, who also chairs medical device pioneer Cochlear, touched down in Israel on Friday afternoon ahead of an annual “ASX in Israel” week, where Australian fund managers, advisors and analysts will meet with the leadership of existing ASX-listed Israeli companies and others who could join them in future.
The IPO of Silicon Valley-based Life360 earlier this month was a significant feather in the cap for the ASX, as it suggested a willingness for highly valued sub $US1 billion tech companies to look downunder for a public listing, rather than pursue late-stage venture rounds. There are already 20 Israeli companies trading on the ASX, and Mr Cunningham said he was confident there would be more to come.
He said there was currently a big debate in Israeli tech circles about whether entrepreneurs sell out too early, before they build truly global companies. the ASX is hoping more founders view it as an opportunity to cash out some value, while continuing to expand.
Read the article by Paul Smith in the Australian Financial Review.