The IPO was held at a company value of $138 million.
Israel Petrochemical Enterprises Ltd. (TASE:PTCH) subsidiary Avgol Nonwoven Industries Ltd. today a NIS 341 million gross offering of stocks and bonds on the Tel Aviv Stock Exchange (TASE) at a company value of $138 million. The company originally planned to hold the offering in London.
Avgol allocated to investors 1.35 million units of 33 ordinary shares each at NIS 2.50 per share, a bond and a non-convertible warrant. The company raised NIS 111 million in stocks and NIS 230 million in bonds and warrants. The bonds bear an interest rate at 5.2%. Maalot The Israel Rating Co. Ltd. gave the bonds an A- rating with a positive outlook.
The lead underwriter was Clal Finance Underwriting Ltd. Deloitte Brightman Almagor CPA was the advisor for the offering.
Under a prior agreement, Petrochemicals Enterprises will inject $18 million into Avgol in exchange for a stock allocation. Petrochemicals Enterprises owns 26.55% of Avgol, fully diluted.
Published by Globes [online], Israel business news - www.globes.co.il - on January 21, 2007
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