Whether you measure a country's technological prowess by its research and development budget, percentage of foreign venture capital dollars, start-ups per capita, or global market share in tech-heavy areas such as cyber security, Israel generally shows up at the top of the lists. Arrays of innovative start-ups attract a lot of attention. This leads to Israeli companies often merging or becoming acquired by larger multinationals.
But some choose an international IPO, often on a large exchange. The Nasdaq's orientation toward tech companies makes it compelling for Israeli companies to list there.
With 79 companies and a combined market capital of $US88 billion, Israel represents the only Middle Eastern country listed on Nasdaq. In short, Israel is a powerhouse country for the exchange.
NZ-founded company Allbirds is set to follow Rocket Lab as the second company founded by a Kiwi to line up a multibillion-dollar Nasdaq listing this year. The manufacturer of footwear made from New Zealand merino wool and recycled materials was founded in 2006 by ex-All Whites captain Tim Brown and Joey Zwillinger, a renewables engineer Brown met in San Francisco, where the company is now based.
Allbirds, which sells more than 1 million pairs of shoes a year, is reportedly interviewing banks ahead of a possible IPO, while the shoe company's online sales success during the pandemic has attracted calls from SPAC (special purpose acquisition companies) that are now driving many public listings.