Importer Diplomat plans TASE IPO at NIS 1b valuation

Noam Weiman  / Photo: PR

The Israeli consumer goods importer and distributor is hoping to raise NIS 200-250 million.

Israeli FCMG (fast moving consumer goods importer Diplomat is planning to raise NIS 200-250 million in an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 1 billion. Market sources believe that Diplomat has already filed a prospectus and is awaiting the appropriate regulatory approvals to move ahead with the offering. Diplomat, owned by the Weiman and Mendel families is planning to begin the offering in the first half of February.

Diplomat is one of Israel's biggest importers and distributors of food and consumer goods products including such international brands as Heinz, Milka, Mars, Jacobs coffee, Pringles, Starkist tuna, Kelloggs, Red Bull, Beyond Meat and much more.

On the international stage, Diplomat collaborates closely with Proctor & Gamble (P&G) and has helped distribute products in its global branches in Cyprus, New Zealand, South Africa, and Georgia.

Diplomat was founded in 1968 in order to provide, "Comprehensive services in managing supply chain solutions alongside a diverse portfolio in consumer products and food brands of leading worldwide companies." The company's CEO is Noam Weiman, the second generation of one of the founding families.

In Israel, Diplomat has 3,000 sales points 900 other customers in hotels, food and catering and online retail support. The company has a 30,000 square meter logistics center at Airport City near Ben Gurion airport.

Published by Globes, Israel business news - en.globes.co.il - on January 26, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Noam Weiman  / Photo: PR
Noam Weiman / Photo: PR
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