Recent market declines have cooled the primary market in Tel Aviv. Nevertheless, a number of companies continue to explore, and actively pursue, public offerings, despite the challenging market environment. One such firm, "Globes" has learned, is import and trading company Cristalino. It is currently considering an IPO on the Tel Aviv Stock Exchange at an estimated pre-money valuation of NIS 800 million to NIS 1 billion.
Cristalino, which is jointly controlled by the Elbaz family and private equity firm Rakia Capital Management Services (each holding a 50% stake), is expected to raise about NIS 200 million. Most of the money will go to the company, where it will be used to expand ongoing operations. Concurrently, an offer for sale is planned, in which some existing shareholders will sell a portion of their holdings. The offering is being led by Phoenix Underwriting, Barak Leumi, and IBI Investment House.
Cristalino was founded nearly 50 years ago by Haim Elbaz. It was initially active in jewelry under the name Fine-gold. In recent years, the company has expanded into import and retail across a variety of sectors, including home appliances, jewelry, sports equipment, and electric vehicles.
Cristalino’s core business is the import and marketing of products from the Chinese company Dreame. These include vacuum cleaners, kitchen appliances, washing machines and dryers, personal care products, air purifiers, and televisions. The products are sold via the company’s website and through an extensive network of authorized retailers.
Additionally, the company maintains a significant presence in the import and marketing of electric two-wheeled vehicles under the brand Xi Mobility. It also retains a smaller operation in jewelry, importing and selling (on a non-exclusive basis) products under the Swarovski brand. A fourth line of business is the import and marketing of home electrical appliances under the group’s own private labels.
Last year, Cristalino took over the Family air conditioning business from Rakia Capital (managed by Ravid Kimia, Yossi Ben Shalom, and Lior Kedron) as part of the latter’s investment in Cristalino. This followed Rakia Capital’s 2022 acquisition of a controlling stake in the air conditioning company, which has operated in Israel since 1986, for NIS 60 million. Rakia has turned Family into a significant business arm.
Estimates suggest that Cristalino generates annual revenue of NIS 600-700 million and enjoys an exceptionally high profit margin. It has posted double-digit annual growth rates in recent years.
An exit for Rakia and the Elbaz family
If an IPO be completed, it will unlock significant value for the company’s shareholders. Last year in which the Rakia Capital acquired half of the shares in Cristalino from Haim Elbaz and his three children - Ran (who serves as CEO), Guy, and Daniel-at an estimated valuation of NIS 500 million.
Rakia Capital was founded in 2021. Cristalino is reportedly the largest company in its portfolio. Other notable holdings are King Engine Bearings, printing technology company AVT, Source Tactical Gear, and automated packaging machinery company Shemesh Automation. Among the investors in the firm are Phoenix Financial, Bank Leumi investment arm Leumi Partners, Arkin Holdings, and David Fattal, the controlling shareholder of the Fattal Hotel chain.
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2026.
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