FIMI to see over 200% gain in Novolog offering

FIMI's Ishay Davidi
FIMI's Ishay Davidi

FIMI is selling part of its stake in the Israeli pharmaceutical distribution company in a TASE offering.

First Israel Opportunity Funds (FIMI) and businessman Ehud Pozis, its partner in the ownership of Novolog, are set to sell 50% of their holding in the Israel pharmaceutical distribution company in an offering on the Tel Aviv Stock Exchange (TASE). FIMI, controlled by Ishay Davidi, and Pozis hope to sell the stake for about NIS 275 million, the price in the prospectus, at a company value of about NIS 550 million.

FIMI bought its 50% stake in Modi'in-based Novolog in 2013 for NIS 85 million from Pozis and the company's chairman Shaul Kobrinsky, at a company value of NIS 170 million. Thus FIMI will make a profit of well over 200% of its investment in Novolog.

The initial prospectus published for the offering reveals that FIMI plans selling 34% of the company for NIS 190 million while Pozis will sell a 15% stake for NIS 80-85 million.

The TASE has been a happy hunting ground for FIMI and Davidi. In two previous highly successful IPOs, FIMI sold stakes in Inrom Industries and Overseas Commerce for big gains.

Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

FIMI's Ishay Davidi
FIMI's Ishay Davidi
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