Smart Shooter plans NIS 200m TASE offering

Advanced gunsights developer and producer Smart Shooter has filed a prospectus for an IPO on the Tel Aviv Stock Exchange. According to estimates, the company will seek to raise NIS 200 million at a pre-money valuation of NIS 700 million.

The offering is being led by Rosario Capital. Smart Shooter seeks to exploit the growing interest in defense companies to list its shares on the Tel Aviv Stock Exchange. Most of the proceeds of the offering will go to the company itself, but a small part will go to its founders, CEO Michal Mor and CTO Avshalom Ehrlich, who will sell part of their holdings.

The largest shareholder in the company is Canadian partnership Smart Shooter LP, controlled by Canadian businessperson Mayer Gniwisch, which has a 23% holding. Mor and Ehrlich hold 13% and 6% respectively. Phoenix Financial holds a 21% stake, Chilean businessperson Alejandro Weinstein holds 10%, and Hachshara Insurance Company holds 6%.

Another prominent name among the shareholders is Major General (res.) Nitsan Alon, who during the Swords of Iron war headed the Hostages and Missing Persons Command, and currently serves as a director of Smart Shooter. He has a 0.6% stake. Another director is Dr. Abraham Mazor, formerly a senior manager at Rafael Advanced Defense Systems, who has a 1% stake.

Smart Shooter was founded by Mor and Ehrlich, both formerly with Rafael Advanced Defense Systems, in 2011. It develops and sells electro-optic fire control systems. Over the years, the company has developed its SMASH technology which facilitates accurate hits on ground and aerial targets, whether static or moving, independently of the abilities and experience of the user. Its flagship product is the Dagger gunsight, which was used against attack drones in the Swords of Iron war.

In the first nine months of 2025 Smart Shooter had $20.8 million revenue, 241% more than in the corresponding period of 2024. It narrowed its net loss to NIS 332,000 from $6.7 million in the corresponding period. At the beginning of February, the company had an orders backlog of $35.2 million.

40% of the company’s revenue is from Europe, and 36% is from Israel, mainly from the Directorate of Defense Research & Development (MAFAT) in the Ministry of Defense, while 20% is from the rest of the world, particularly from the Abraham Accords countries.

$4-6 million of the proceeds of the offering are intended for expansion of the company’s sales and marketing force, and a similar sum will be invested in setting up an international support and maintenance network. The company’s Israeli production facilities will be expanded, and it will set up assembly and maintenance facilities in the US, Europe, and the Asia Pacific region ($8-10 million), and it will invest further in R&D ($4-5 million).

Published by Globes, Israel business news – en.globes.co.il – on February 16, 2026.

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