Listing Procedures
Feasibility Study
- Appointment of Listing Consultant
- Compliance with Application Criteria
- Preliminary Meeting with Investors
- Suggested Timetable
3-4 weeks
Infrastructure
- Underwriting and distribution of shares (underwriter),
preparation of draft prospectus (attorney),
financial reports and valuation report (CPA) - Notice of listing to Israel Securities Authority – 30 day maximum
- Submission of prospectus to TASE Amendments and notes
10-14 weeks
Listing
- Publication of draft prospectus on MAYA and MAGNA sites online
- Roadshow – Investor presentation to generate pledges from institutional investors
- Formulation of final outline for listing
- Institutional tender (determine price and quantity)
- Publication of prospectus
- Public tender
- Share allotment
- Opening of trading
3-5 weeks
Revenue Threshold for Listing
(in Millions NIS)
Alternatives
Alternative A
Alternative B
Alternative C
Large Companies
Large Companies
Alternative D
R&D Companies Only *
R&D Companies Only *
Equity after Listing
25
35
-
8
Value of Public Holdings
20
30
80
16
Post-Listing Value of Public Holdings *
20
20
80
16
Active for:
12 Months
12 Months
-
-
Added Value During 12 Months Prior to Listing
4
-
-
-
Value of Company's Shares
-
-
200
-
Public Float
25%
20%
10%
From 16 Million - 10%
From 50 Million - 7.5%
From 50 Million - 7.5%
* R&D companies
(1) A company that has invested at least 3 Million NIS in research and development in the last three years, including via Chief Scientist’s Office
(2) A company that has invested at least 5 Million NIS through its subsidiaries in the last three years
Alternatives
Alternative A
Alternative B
Equity after Listing
25
35
Value of Public Holdings
20
30
Post-Listing Value of Public Holdings *
20
20
Active for:
12 Months
12 Months
Added Value During 12 Months Prior to Listing
4
-
Value of Company's Shares
-
-
Public Float
25%
20%
Alternatives
Alternative C
Large Companies
Large Companies
Alternative D
R&D Companies Only *
R&D Companies Only *
Equity after Listing
-
8
Value of Public Holdings
80
16
Post-Listing Value of Public Holdings *
80
-
Active for:
-
-
Added Value During 12 Months Prior to Listing
-
16
Value of Company's Shares
200
-
Public Float
10%
From 16 Million - 10%
From 50 Million - 7.5%
From 50 Million - 7.5%
* R&D companies
(1) A company that has invested at least 3 Million NIS in research and development in the last three years, including via Chief Scientist’s Office
(2) A company that has invested at least 5 Million NIS through its subsidiaries in the last three years
Alternative A
Equity after Listing
25
Value of Public Holdings
20
Post-Listing Value of Public Holdings *
20
Active for:
12 Month
Added Value During 12 Months Prior to Listing
4
Value of Company's Shares
-
Public Float
25%
Alternative B
Equity after Listing
35
Value of Public Holdings
30
Post-Listing Value of Public Holdings *
20
Active for:
12 Month
Added Value During 12 Months Prior to Listing
-
Value of Company's Shares
-
Public Float
20%
Alternative C
Large Companies
Large Companies
Equity after Listing
-
Value of Public Holdings
80
Post-Listing Value of Public Holdings *
80
Active for:
-
Added Value During 12 Months Prior to Listing
-
Value of Company's Shares
200
Public Float
10%
Alternative C
R&D Companies Only *
R&D Companies Only *
Equity after Listing
8
Value of Public Holdings
16
Post-Listing Value of Public Holdings *
-
Active for:
-
Added Value During 12 Months Prior to Listing
16
Value of Company's Shares
-
Public Float
From 16 Million - 10%
From 50 Million - 7.5%
From 50 Million - 7.5%
* R&D companies
(1) A company that has invested at least 3 Million NIS in research and development in the last three years, including via Chief Scientist’s Office
(2) A company that has invested at least 5 Million NIS through its subsidiaries in the last three years
Tracks for Issuing Corporate Bonds
With Equity
Alternative A
Equity to value of 24 Million NIS
Alternative B
Equity to value of 16 NIS Million and Local Rating of BBB or Baa3
Without Equity
Alternative A
Local Rating of A or A3 or International Rating of Baa3
Alternative B
Bond series to value of 200 Million NIS
Alternative C
For Listed Companies
For Listed Companies
Traded Share Value of 200 Million NIS
Value of Public's Holdings in Series is 36 Million NIS
35 offerees + holding value of 200,000 NIS per holder
35 offerees + holding value of 200,000 NIS per holder