The IPO Buzz: Israel’s Silynxcom Ltd. (SYNX) Prices Upsized IPO at $4.00 – Low End

Israeli military headset manufacturer Silynxcom Ltd. (SYNX) priced its upsized IPO of 1.25 million shares at $4.00 – the low end of its range – to raise $5.0 million on Thursday night, Jan. 11, 2024, The stock started trading today – Friday, Jan. 12, 2024 – at $3.99 – down a penny from its IPO price – on the NYSE – American Exchange. At 11:50 a.m. EST, Silynxcom Ltd. shares touched their IPO price of $4.00, which was also their intraday high. The stock closed today at $3.61, down 39 cents or off 9.75 percent. Volume was more than 700,000 shares. 

Silynxcom is the third IPO to get done this week. The Israeli headset company rolled onto the IPO runway behind Smith Douglas Homes Corp. (SDHC), the Georgia homebuilder, and Roma Green Finance Ltd. (ROMA), a Hong Kong-based ESG services provider. Bankers raised $178.81 million from these three IPOs during the first full week of January 2024.

The Israeli IPO’s size was increased at pricing by 175,000 shares to 1.25 million shares – up from the original specs of 1.08 million shares (1,075,000 shares) in the prospectus – on a price range of $4.00 to $6.00.

ThinkEquity was the sole book-runner.

Headsets for Combat

Silynxcom Ltd., based in Netanya, Israel, designs and makes in-ear headsets used in combat, riot control and weapons training courses. The company was founded in 2005.

Its in-ear headsets “seamlessly integrate” with professional rugged radios used by soldiers in combat or police officers in riot situations, the prospectus says.

Israel Defense Forces and police departments in Israel have ordered more than $4 million worth of equipment, according to the prospectus.

Silynxcom Ltd. reported a net loss of $1.54 million on revenue of $8.38 million for the 12 months that ended June 30, 2023.

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