Renault and Nissan importer Carasso Motors Ltd. successfully raised NIS 250 million at a company value of NIS 1 billion in its IPO on the Tel Aviv Stock Exchange (TASE) on Thursday. The company sold 25% of its share capital. The company will be included on the Tel Aviv 100 Index.
Carasso Motors will join discount independent supermarket chain Victory Supermarket Chain Ltd/ (TASE: VCTR), which raised NIS 64 million at a company value of NIS 280 million last week. The IPO was oversubscribed; the company originally planed to raise NIS 50 million. Investors included rivals Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI) and meat wholesaler Neto Ltd.
Carasso Motors' investors also included a rival: Toyota importer Union Motors Ltd. invested NIS 50 million, accounting for a fifth of the IPO.
Meanwhile, recent bond offerings have had mixed results. Enlight Renewable Energy Solutions Ltd. (TASE:ENLT), controlled by Shaul Elovitch, raised NIS 42.5 million in an offering that was oversubscriberd. But Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) raised only NIS 27 million, less than half the maximum amount planned, and real estate company The Leser Group (TASE: TSLR.B1) raised NIS 44.5 million of the maximum amount of NIS 52 million planned.
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2011
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