Israeli tech group Shellanoo plans Tel Aviv IPO

A billboard advertisement for Israeli app Blindspot, which allows people to send text messages anonymously, is seen in Tel AvivIsraeli technology company Shellanoo is planning to raise at least 100 million shekels ($ 26.5 million) in an initial public offering (IPO) on the Tel Aviv Stock Exchange in late September or October, it said on Sunday. Shellanoo, founded in 2014 and whose backers include Russian billionaire Roman Abramovich and popstars and Nicki Minaj, focuses on mobile applications, online services and interactive artificial intelligence. By staying local, Shellanoo is bucking a trend of Israeli technology companies choosing to list on foreign markets such as Nasdaq.

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