Israeli airline and tourism company Israir Group has published a prospectus to raise NIS 25 million on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 220 million, NIS 240 million after money.
The offering is scheduled to take place before the end of this month. Israir plans offering 22,523,000 shares to the public at NIS 1.11 per share, representing a 9.26% stake in the company.
Rami Levy's BGI Investments (TASE: BGI) bought control of Israir in January 2021, following a tender process conducted by the receiver for IDB Development. At the end of the process BGI bought a 75% stake in Israir for NIS 121.5 million, at a company valuation of NIS 162 million.
After Israir relinquished a $5 million debt, which gave the deal a company valuation of NIS 179 million, Israir shares held by Rami Levy, BGI and the IDB trustee were converted into a company renamed as Israir Group.
Currently the largest shareholders in Israir Group are Shay Odem, a company owned by Rami Levy and Shalom Haim, which has a 38.9% stake, Rami Levy (21.55%) and the IDB Development trustee still holds a 22.45% stake.
After the IPO is completed, Israir Group will issue a further 5,415,000 shares will be issued which will serve as options, including 1,665,000 shares issued in the past by BGI for three of its senior executives, and 3,750,000 options promised to senior Israir executives after completion of the acquisition but not yet distributed.
Published by Globes, Israel business news - en.globes.co.il - on June 12, 2022.
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