Israeli fintech company Way2Vat Ltd. (ASX: W2V) has completed an IPO on the Australian Securities Exchange, raising A$7 million (NIS 16.3 million) at a valuation of A$30.7 million (NIS 72 million). On its first day of trading, last Friday, the stock shot up by 57.5% from A$0.20 to A$0.315, but it has subsequently subsided to A$0.27.

Way2Vat, of Herzliya, is the developer and operator of an automated, AI-based platform for filing value added tax (VAT) returns. The platform connects to the customer’s exiting expenses management system, analyzes the reclaimable VAT amounts, and automatically files a refund claim with the relevant tax authority, thus, according to the company, rendering the manual process of filing VAT claims unnecessary.