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
Alternative D
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%

* 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
Alternative D
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%

* 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
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 *
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%

* 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
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

There’s so much more we can tell you about raising capital on the Tel Aviv Stock Exchange

We’d love to meet with you so we can get to know your company and help you to take it to the next level.

For more information:
Lior Navon - Head of Sales and Market Development,
TASE

Mail: liorn@tase.co.il
Tel: +972-76-8160536
Mobile: +972-52-8322621