Global-e files for $857m secondary offering

Global-e IPO Photo: Space Cat

The Petah Tikva based e-commerce platform's shareholders are taking advantage of the share price's 186% rise since its IPO in May.

Israeli e-commerce platform Global-e (Nasdaq: GLBE) has filed a prospectus to sell 12 million shares worth $857 million, at the time of filing on Tuesday. All the shares being sold in the secondary offering are by existing shareholders and Global-e itself will not receive any new proceeds from the offering.

The Petah Tikva-based company has developed an e-commerce platform that removes obstacles for cross-border online sales. Global-e held its IPO on Nasdaq in May at a company valuation of $3.6 billion and as of Tuesday its share price had risen 186%, giving a market cap of $10.2 billion. Yesterday, the company's share price fell 7.53% to $68.69, giving a market cap of $10.004 billion.

Among the shareholders expected to sell as part of the secondary offering are Global-e's three founders CEO Amir Schlachet, COO Shahar Tamari and CRO Nir Debbi, who will each sell 8% of their holdings. This will earn Schlachet and Tamari $37.8 million each (according to Tuesday's value) while Debbi will rake in $39.4 million.

Other shareholders who invested in Global-e before its Wall Street IPO and will now sell stakes include Zehavit Cohen led Apax Partners fund AMI, which will sell shares for $144 million and remain with a stake worth $843 million. Red Dot will sell shares for $193 million and Cross Ship will sell shares for $272 million.

Published by Globes, Israel business news - en.globes.co.il - on September 9, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Global-e IPO Photo: Space Cat
Global-e IPO Photo: Space Cat
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