Israeli logistics company ETGA has completed an IPO on the Tel Aviv Stock Exchange (TASE). ETGA, one of Israel's most veteran companies in the field of sea and air cargo and goods transport, as well as non-bank financing, has raised NIS 130 million at a company valuation of NIS 400 million, after money. The offering was oversubscribed with demand of NIS 215 million reported.
ETGA is owned by DBSI Investments, controlled by Barak Dotan and Yossi Ben-Shalom.
ETGA specializes in one-stop-shop shipping and logistics for customers involverd in international trade and transporting goods worldwide. ETGA's Tuam unit offers non-banking financing to the real estate sector as well as factoring. At the end of the first quarter of 2021, Tuam had extended credit of NIS 285 million, up 22% from the end of 2020.
ETGA had revenue of NIS 103 million in the first quarter of 2021, up 54% from the corresponding quarter of 2020, and net profit of NIS 4.5 million, up from NIS 3.3 million in the first quarter of 2020.
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2021
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