Sources: The company will try to raise more than $300 million at a value of over $1b.
Sources inform ''Globes'' that David Wiessman is planning to float Along Group on the New York Stock Exchange this year. No valuation has been set for the offering, but the sources believe that the company will try to raise more than $300 million at a company value of over $1 billion.
Wiessman wants to float the company overseas in order to expand the business of Alon Group subsidiaries Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) and Blue Square Israel Ltd. (NYSE: BSI; TASE: BSI) to the US and Western Europe. One subsidiary, Alon USA Energy Inc. (NYSE:ALJ), operates in the US.
Alon Group has also reported record results for 2006. The company posted a net profit of NIS 483 million on NIS 27 billion revenue. earnings before interest, taxes, depreciation and amortization (EBITDA) rose 41% to NIS 1.78 billion.
Wiessman declined to comment about the valuation for the IPO.
Published by Globes [online], Israel business news - www.globes.co.il - on March 15, 2007
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