Despite the cooling of the IPO market, the flow of companies seeking to list shares for trading on the Tel Aviv Stock Exchange (TASE) continues. One such candidate is renewable energy company Lanir Group, which published a prospectus earlier this week ahead of its flotation on the TASE at a company valuation of about NIS 705 million, before money.
As part of the move, which is being led by underwriting firms Orion and Rosario, the company will seek to raise about NIS 176 million, through the allocation of some 20% of its shares as well as options (without consideration). If fully exercised, the conversion of the options is expected to yield the company an additional consideration of about NIS 57 million.
Lanir, which was founded in 2018 under the name Nir Solar, develops and builds solar energy arrays. The company’s controlling shareholders are chairman Lavie Carmon, CEO Nadav Efrati and deputy CEO Rafael Mazliach If the offering is completed, the three will hold 80% of the company's shares (in equal parts), with an estimated value of roughly NIS 704 million.
The company currently has 520 connected solar energy panels systems with a total capacity of 75 megawatts. Lanir Group is also in various stages of establishing storage systems with a capacity of 300 megawatt hours, as additional storage for its existing facilities. In addition, Lanir is establishing solar panel arrays for customers and on the roofs of homes, and to date it has installed 1,520 photovoltaic systems with a total capacity of about 132 megawatts.
The company ended 2025 with revenue of about NIS 60 million, up 7% from 2024 due to the connection of new systems. Net loss in 2025 was NIS 18.6 million, widening from NIS 10 million in 2024..
Lanir has a capital deficit of about NIS 3.5 million, mainly from a capital deficit of a subsidiary (Lanir Communications), whose activities were transferred to another company. The company has negative working capital of about NIS 26.6 million, which mainly resulted from short-term loans, some of which the company later distributed. On the other hand, the company has a positive cash flow from current activities of about NIS 19.6 million.
Most of the proceeds from the IPO, up to NIS 110 million, are expected to be used to provide equity capital for projects that the company is promoting. An additional NIS 35 million will be used to purchase existing solar energy arrays as well as to set up data center operations. Proceeds of about NIS 20 million will be used to repay loans and reduce leverage.
The company's prospectus reveals that in recent years, Lanir has received loans from 22 private lenders, the balance of which is about NIS 9.4 million, at an average annual interest rate of 8%. More than a third of the loan amount, NIS 3.7 million, came from 8 family members of the controlling shareholders. Including a loan of NIS 370,000 from Dvir Carmon, the chairman's 28-year-old son who also serves as the company's operations and maintenance manager, which carries an annual interest rate of 10%.
The company was also forced to increase the interest rate to 11%, for loans totaling NIS 4 million, so that the borrowers would give up the right to convert the debt into shares.
Published by Globes, Israel business news - en.globes.co.il - on August 31, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.