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Israeli folding vehicle company aims for Tel Aviv stock exchange IPO

The IPO is set to take place in the second quarter of 2021, in parallel with the rollout of the first batch of CT-1 vehicles, which aim to receive European Union approval as quadricycles.

By Tomer Hadar, Calcalist

Israel-based “folding car” company City Transformer announced on Sunday that it will be carrying out an initial public offering on the Tel Aviv Stock Exchange

Its valuation is NIS 450 million ($137.5 million) to NIS 600 million ($183.4 million).

The company was founded in 2014 and developed an ultra-light electrical vehicle capable of folding its chassis at a push of a button, making it easier to park.

According to the company’s announcement, a total of NIS 35 million ($10 million) has been invested in it so far from private investors and grants from the Israel Innovation Authority and the Ministry of Energy.

The IPO is set to take place in the second quarter of 2021, in parallel with the rollout of the company’s first batch of CT-1 vehicles, which aim to receive European Union approval as a quadricycle.

Getting EU approval would mean that the vehicles can be marketed in Europe, and as a result in Israel too, since the latter follows the EU standard. Neither electric nor fuel-powered quadricycles have achieved much success in Israel so far, with sales declining from several hundred to only a handful of units in the past few years.