Israir Group raises NIS 25m in TASE IPO

Rami Levy  credit: Tamar Matsafi
Rami Levy credit: Tamar Matsafi

The offering by the aviation and tourism group was at a pre-money valuation of NIS 220 million.

Aviation and tourism group Israir Group (formerly BGI Investments) has held a successful offering on the Tel Aviv Stock Exchange. In the public tender that took place yesterday, the company raised NIS 25 million at a pre-money valuation of NIS 220 million.

Israir Group will issue 22.523 million shares at NIS 1.11 per share, representing 10.2% of its share capital.

Israir Group is the parent company of Israir Airlines and Tourism. In January 2021, BGI Investments acquired control of Israir Airlines and Tourism in an auction by the trustee of IDB Development.

In that deal, BGI Investments and Rami Levy bought 75% of the shares in Israir for NIS 121.5 million, at a company valuation of NIS 162 million. After Israir relinquished a $5 million debt, which gave the deal a company valuation of NIS 179 million, Israir shares held by Rami Levy and the IDB trustee were converted into shares in BGI Investments, which was renamed as Israir Group.

The largest shareholders in Israir Group before the current offering were Shay Odem, a company owned by Rami Levy and Shalom Haim (42.42%), Rami Levy (24%), and the IDB Development trustee (25%).

After completion of the offering, Israir Group will authorize a further 5.415 million shares arising from the exercise of options: 1.665 million options issued in the past by BGI Investments to three of its senior managers, and a further 3.75 million options promised to Israir managers after the completion of its acquisition that have not yet actually been distributed.

Published by Globes, Israel business news - en.globes.co.il - on June 21, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Rami Levy  credit: Tamar Matsafi
Rami Levy credit: Tamar Matsafi
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