The Tel Aviv Stock Exchange (TASE) Completes NIS 225 Million Initial Public Offering

Aug 01, 2019

66 years after its establishment in 1953, the Tel Aviv Stock Exchange (TASE) is now a public company.

Jefferies LLC acted as Lead Underwriter and Global Coordinator partnering with TASE to successfully execute the transaction and help open the Israeli capital markets to global investors

Tel Aviv, August 1st, 2019 – The Tel Aviv Stock Exchange (TASE) announced the completion of its NIS 225 million initial public offering.  The offering was met with strong demand from institutional investors from the United States, the European Union, Asia pacific and Israel, pricing above the midpoint of the offering range at NIS 7.1 per share.

Shares began trading today under the symbol “TASE”.

The CEO of TASE, Ittai Ben-Zeev, commented: “Today, TASE joins leading companies in Israel and other stock exchanges globally operating as public companies. The offering is a remarkable milestone for TASE and further signifies the opening of the Israeli capital markets to global institutional investors transparently."

Mr. Ben-Zeev added: “Additionally, in accordance with our vision and objectives, we have worked to involve the public in Israel in the IPO. I am delighted with the vote of confidence from private investors, which is a reflection of the wish to be a part of the success of the vibrant Israeli economy and of the long-term potential of the TASE.”

TASE published a supplemental notice to the offering prospectus that was publish last week, which contains details of the non-uniform ("book building") offering addressed to institutional investors in Israel and overseas. The institutional phase was characterized by strong demand from major international investment institutions as well as institutional investors in Israel.

The public phase of the offering took place on Monday, July 29, allowing the general public to purchase shares at a uniform price identical to the NIS 7.10 price per share that was set at the institutional stage.

The company expects to join TASE’s indices on the end of trading day of October 3rd, 2019: TA-SME60, TA-SME150, TA-Finance, TA Insurance-Plus, TA-Rimon and TA-AllShare.

Jefferies is a TASE Remote Member, served as the lead Underwriter of the offering and as Global Coordinator for the transaction.