Supergas has raised NIS 270 million on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 1 billion, before money. This is the third successful IPO on the TASE in recent days following the offerings by Doral Renewable Energy and driving safety company SaverOne.
Supergas, which produces most of its revenue from liquid petroleum gas sales (LPG) for heating and cooking and natural gas for industry, is the energy arm of Elco Holdings Ltd. (TASE: ELCO).
Elco said that demand for the shares, which represent a 26% stake in the company, was NIS 420 million. The IPO was led by Epsilon Investment House Ltd., Poalim IBI, and Leumi Partners.
The IPO also represents a major increase in value for Supergas, which Elco acquired last November from Azrieli Group Ltd. (TASE: AZRG) for NIS 817 million.
Published by Globes, Israel business news - en.globes.co.il - on June 16, 2020
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