The Israeli company City Transformer is going public for an IPO worth NIS 450 to 600 million

The Israeli company City Transformer is going public for an IPO worth NIS 450 to 600 million on the Tel Aviv Stock Exchange, the company announced. The company has existed for several years and specializes in the development of urban vehicles with the ability to change dimensions - that is, the platform of the vehicle (chassis) allows the wheels to be folded for parking, which shortens the length of the vehicle.
According to a report by City Transformer, the volume of investment in the company so far stands at about NIS 35 million from investors - and also from grants from the Innovation Authority and the Ministry of Energy. The issue, according to the company, will take place at the beginning of the second quarter of 2021. According to the company, in the second quarter of this year it will produce a number of serial production vehicles for European standard approvals that will classify the City Transformer as a "quadricycle" vehicle.
European standardization means that these vehicles will be allowed to be marketed in Europe, and consequently also in Israel, which operates according to European standardization. To date, quadricycle vehicles, both electric and regular, have not been successful in Israel, and their marketing has been reduced in recent years from several hundred a year to a few individual units, which have reached, among others, the elderly population and bodies involved in rescue and health services.