Israeli fashion chain Fox-Wizel Ltd. (TASE: FOX) is moving ahead with an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE) for its online retail unit Terminal X, in which it has a controlling 60% stake.
Fox, controlled by the Wizel family and managed by CEO Harel Wizel, stresses that Terminal X is only in the preliminary stages of examining an IPO and that the structure of the offering, its timing, size and terms have yet to be set. Market sources believe that any IPO for Terminal X will seek to raise NIS 150-200 million, at a company valuation of NIS 700-800 million, pre-money.
Boosted by the Covid-19 crisis and repeated lockdowns, Terminal X had revenue of NIS 226 million in 2020, up 182% from 2019. The online retailer also reported a profit for the first time, albeit a minimal NIS 2.5 million, before tax.
Founded in 2017, asides from Fox, Idan Ofer and Udi Angel have a 26.5% stake (13.25% each) in the company and Horovitz Young Holdings has a 13.5% stake. Terminal X has 117 employees.
Published by Globes, Israel business news - en.globes.co.il - on April 20, 2021
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