Rami Levy seeks to float Cando Drones

Rami Levy is one the way to listing a third company on the Tel Aviv Stock Exchange. Drone company Cando Drones, which is controlled (30.5%) by Rami Levi Chain Stores Hashikma Marketing 2006 (TASE: RMLI) plans to float its shares on the stock exchange at a pre-money valuation of NIS 83 million.

Cando Drones seeks to raise NIS 19 million for an allocation of 20% of its shares. The company will also issue warrants in the offering that could raise the proceeds by NIS 14 million if they are fully exercised. That would give the company an effective valuation lower than in the share offering.

Cando Drones sets up and manages fleets of autonomous drones for the military and civilian markets. In addition, the company has teamed with Alfo Systems to develop a 5.56 mm or 7.62 mm machine gun mounted on a drone. The company demonstrated the system to the Directorate of Defense Research and Development (MAFAT) at the Ministry of Defense last year, and it is currently in the process of testing and approval with a view to an initial order.

The company was founded in 2019 by three former IDF commanders: Yoely Or, Moshe Kipnis, who was among the developers of the Iron Dome system, and Alon Kloss, who was chief artillery officer. Or serves as CEO of the company and holds an 18% stake; Kipnis is CTO and holds 9%; and Kloss is COO and holds 7%. Rami Levi Chain Stores acquired 33% of the shares in 2022 for NIS 1.7 million, and also provided an owner’s loan of NIS 3.3 million.

In 2025, Cando Drones posted a loss of NIS 11.9 million on revenue of NIS 7 million, 11% higher than revenue in 2024. The company has a NIS 3.4 million working capital deficit and negative cash flow of NIS 2.9 million on regular activity, which led its auditors to append a going concern qualification to its financial statements, indicating substantial doubt about its ability to continue in existence.

Published by Globes, Israel business news – en.globes.co.il – on June 23, 2026.

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