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Tel Aviv Stock Exchange Completes Public Stage of Offering
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by Raheli Bindman / CTech
A man enters the Tel Aviv Stock Exchange, Jan. 29, 2017. Photo: Reuters / Baz Ratner.
CTech – The Tel Aviv Stock Exchange (TASE) has completed the public stage of its stock offering on Monday. The general public was offered stock worth NIS 23 million (approximately $6.5 million) with a cap of NIS 30,000 (approximately $8,500) per investor. The public stage, conducted through brokers and bank consultants, saw participation from over 1,000 private investors, the underwriters told Calcalist.
Earlier on Monday, Calcalist reported, citing people familiar with the matter who spoke on condition of anonymity, that TASE closed the institutional pricing stage of the 31.7 percent stake offered with demand outstripping supply by five.
TASE will begin trading at a market capitalization of NIS 710 million (approximately $201.8 million) in August. The exchange will receive about NIS 35 million (approximately $9.4 million) from the sale, half of the additional profit above the original NIS 550 million (approximately $156 million) valuation made by the four funds that acquired recently sold stake in 2018 — Australian superannuation fund Sunsuper, Santa Monica-based Dalton Investments, New York-headquartered investment bank Moelis & Company, and Denmark-based Novo Nordisk Foundation.
