Holmes Place cuts TASE IPO price by 40%

Holmes Place Photo: PR

The offering will get underway this week at a company value of NIS 220 million before money.

The Tel Aviv Stock Exchange (TASE) IPO of the Holmes Place chain of fitness clubs is expected to get underway this week, after the company agreed to a 40% drop in its value for the offering, sources inform "Globes." The shareholders in Holmes Place have also waived most of the offer for sale they wanted to conduct in the framework of the offering.

As far as is known, the Holmes Place offering will take place at a company value of NIS 220 million, before money, compared with the originally planned value of NIS 350 million. The company is planning to raise NIS 55 million for 20% of its shares. In addition, Allan and Maureen Fisher, together with Nathan Kirsh, owner of Holmes Place, the parent company of the Israeli branch holding the IPO, will sell existing shares in the company for NIS 25 million more.

The other shareholders in Holmes Place - Green Lantern, controlled by partners Richard Hunter, Josef Elias, and Danny Ben-Rei; Bank Hapoalim (TASE: POLI); and Moti Ben-Moshe - will forego the sales of shares that they had planned. Discount Underwriting and Issuing is leading the IPO.

Holmes Place Israel operates 34 health and fitness clubs and had 113,000 subscribers in the first half of the year, making it Israel's largest health and fitness chain. The owners of Holmes Place want to take advantage of the boom in fitness and health and the growth of this activity in Israel and worldwide, as well as the strong demand for equity offerings on the TASE.

Published by Globes [online], Israel Business News - www.globes-online.com - on December 3, 2017

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

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Holmes Place Photo: PR
Holmes Place Photo: PR
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