Infrastructures co Rimon Group completes TASE IPO

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The company raised NIS 250 million at a valuation of NIS 1.25 billion.

Infrastructures and energy company Rimon Group has completed an IPO on the Tel Aviv Stock exchange. The company raised NIS 250 million at a valuation of NIS 1.25 billion.

The offering was led by Epsilon Underwriting and Issues, Poalim IBI Underwriting and issues, and Leumi Partners Underwriting. Riomon was advised by law firm Agmon & Co. Rosenberg Hachohen & Co., and by Deloitte Brightman Almagor Zohar and Beta Finance.

Rimon Group was founded in 1997. It undertakes special underground infrastructure projects, is Israel's largest private water supplier, and develops energy projects. In the past two years, the group's revenue has grown by more than 50%, totaling NIS 364.5 million in 2020.

The ownership of the company is divided between Granot, the largest kibbutz corporation in Israel, in which 44 kibbutzim are partners (56.3%); The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) (19.9%); and Yossef (Yossi) Elmalem, the company's founder and its CEO (23.8%).

Published by Globes, Israel business news - en.globes.co.il - on July 23, 2021

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

Stock market  credit: Shutterstock
Stock market credit: Shutterstock
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