Delta Galil plans Wall Street IPO at $2b valuation - report

Isaac Dabah Photo: Amir Levy

The Israeli clothing manufacturer has hired Bank of America ahead of a public offering in New York, "Bloomberg" reports.

Israeli clothing manufacturer Delta Galil Industries Ltd. (TASE: DELT) is planning to relist on Wall Street, "Bloomberg" reports, "according to people familiar with the matter."

According to "Bloomberg," those same sources said that Delta has hired Bank of America and the Israeli manufacturer would seek a $2 billion valuation, well above its current $1.3 billion market cap on the Tel Aviv Stock Exchange (TASE). "Bloomberg" says that the public offering on Wall Street could happen before the end of the year.

Delta Galil declines to comment to "Globes."

In the first half of 2021, Delta Galil, controlled and managed by Isaac Dabah, reported a major recovery, which has seen its share price rise 98% since the start of the year. The company reported a profit of $39.7 million in the first half of the year, compared with a $83.6 million loss in the corresponding period of 2020. Delta Galil distributed a $5 million dividend to shareholders from profit in the first half of 2021. Revenue in the first half of 2021 was $871.9 million, up 44% from the first half of 2020.

Delta Galil is an international manufacturer of branded clothing including underwear, jeans, sportswear and active-wear, and socks for women, men and children.

In August the company announced that it would file F-1 forms with the US Securities Exchange Commission (SEC) for an offering in New York. The company traded on Nasdaq in the past but delisted in 2008.

Published by Globes, Israel business news - en.globes.co.il - on October 3, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Isaac Dabah Photo: Amir Levy
Isaac Dabah Photo: Amir Levy
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