Following success in the investment institutions part of Altshuler Shaham Provident Funds and Pension's IPO, the general public part was unusually tumultuous and positive, with exceptionally strong demand of NIS 150 million, far more than in most public offerings. The share price for the offering was 28.1% higher than the initial minimum price. The terms for the offering changed accordingly, with the company value rising from NIS 1.13 billion to NIS 1.15 billion and the share price for the offering rising from NIS 5.90 to just over NIS 6, sources inform "Globes."
The IPO was very successful, after starting with a minimum share price of only NIS 4.70, reflecting a company value of NIS 900 million.
While the public stage in offerings tends to be merely for the record, in this case it made a real change in the result. The public stage in the offering does not include the 2.5% discount granted to participants in the institutional stage.
Altshuler Shaham and Yair Levinstein received confirmation of the company price and pricing. Trading in the share is scheduled to begin this Monday. All of the shares in the offering were sold by the owners in an offer for sale.
The IPO was led by the Rosario Capital and Leumi Partners underwriting firms, with help from Poalim IBI, Leader Underwriting, Menorah Underwriters, and Epsilon.
Published by Globes, Israel business news - en.globes.co.il - on July 18, 2019
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