Tel Aviv, December 15, 2020 - Management of Polyram Plastic Industries opened trading this morning on the occasion of its listing on TASE.
The company, established in 1986, develops, manufactures and markets high performance thermoplastic compounds. The company's products serve various industries, including the food, irrigation and electronics industries, as well as the automotive industry, which in recent years have made a transition to thermoplastic components in place of the traditional metal components.
FIMI Opportunity Funds, headed by Ishay Davidi, acquired 65% in Polyram in 2015. FIMI currently holds 16 listed companies in the Tel Aviv stock exchange, mostly in the technology and industry sectors, with a total market cap of NIS 7.7 billion.
The IPO on TASE was carried out by way of a book building offering to institutional investors and a public offering for sale of 35% of the company's share capital in consideration for NIS 346 million, at a company market cap of NIS 1 billion.
The dividend distribution policy adopted by the company's Board of Directors provides for an annual dividend of at least 40% of the annual net profit. The dividends distributed by the company since 2015 amount to NIS 200 million.
At the beginning of February 2021, the company shares will join the TA-90, TA-125, SME-150 and TA-Industrials indices, under the new companies fast-track entrance.
Ishay Davidi, Founder and CEO of FIMI and Chairman of Polyram: “Today we mark another successful step in the development of Polyram. Established 35 years ago as a manufacturer of high-performance engineering thermoplastic compounder, the company has grown and evolved into a global excelling leader in its field. We are confident that Polyram's continuous pursuit of excellence will generate significant value to the shareholders. FIMI believes that stock exchanges in general and TASE, in particular, are the most suitable platform for FIMI's portfolio companies. Over the past 25 years, FIMI was a controlling shareholder in more than 45 public companies, which is unprecedented in the Israeli market. FIMI currently holds 18 public companies, of which 16 are listed on TASE, alongside 15 private companies. FIMI, as the controlling shareholder, and I, as Chairman of the Board of Directors of Polyram, are delighted to mark this important milestone of Polyram's IPO."
Yuval Peleg, CEO of Polyram: “I would like to thank the Board of Directors of the company and personally, the Chairman of the Board of Directors and CEO of FIMI, Mr. Ishay Davidi, for taking on an IPO in these challenging times. Polyram is completing a noteworthy IPO at a market cap of NIS 1 billion, with bright prospects of growth and success. Polyram's strategic plan is based on multiple strong growth engines. I am confident of the company's ability to reach new heights and proud to be a part of this special occasion of Polyram's transformation into a public company. I would like to thank the management and employees of Polyram for their diligence and contribution to the success of the company."
Drorit Vilnai, Listings Unit Manager at TASE, said: “We welcome Polyram, a long-standing industrial company, into TASE's public companies family. We are proud to have companies from diverse sectors, such as Polyram, join TASE this year alongside high-tech companies. I wish the company success as a public company and look forward to seeing it grow and develop through TASE, for the benefit of its investors, employees and the Israeli economy."
In the picture from right to left: Lior Ovsiovich, Partner at FIMI; Igal Fingerman, CFO of Polyram; Yuval Peleg, CEO of Polyram; Ishay Davidi, Founder and CEO of FIMI and Chairman of Polyram; Drorit Vilnai, Listings Unit Manager at TASE; and Amnon Neubach, Chairman of the Board of Directors of TASE.
Photography credit: Polyram. The photo is free of charge.