Food giant Tnuva is once again preparing for an offering on the Tel Aviv Stock Exchange, at a valuation that could exceed NIS 10 billion. Company executives have already sought legal advice on the move, slated for next year, and have begun a series of meetings with capital market players to promote the offering. This represents an early stage of preparation; in recent years, Tnuva has explored the possibility of going public on several occasions, but the plans never materialized.
Tnuva, controlled by the Chinese firm Bright Food, has previously considered an IPO at a valuation of NIS 10 billion. In late 2025, "Globes" reported that the company was preparing for an IPO in 2026. At the time, Tnuva CEO Gadi Cunia addressed the possibility of an IPO, stating that the decision rested with the shareholders. He noted that the company was profitable and growing and therefore did not need to raise capital, though an IPO could offer other advantages.
A previous attempt to advance an IPO took place in 2021, when Bright Food, which holds 75% of Tnuva, sought to take the company public at an estimated valuation of NIS 9-10 billion. This move met with opposition from the kibbutz organizations, which hold the remaining 25% of the company, leading to a sharp dispute between the parties.
Bright Food acquired control of Tnuva in 2015 from private equity firm Apax Partners and Mivtach Shamir, in a deal that valued the company at NIS 8.6 billion shekels. If the current effort culminates in an IPO at the desired valuation, it will rank among the largest offerings ever seen on the Tel Aviv Stock Exchange.
A wave of IPOs in the food sector
Tnuva’s renewed attempt to go public follows a wave of IPOs by food companies over the past year. In 2025, meat producer Baladi, Gad Dairies (a competitor to Tnuva in the dairy market), and food company Sugat joined the stock exchange, each raising capital based on a valuation exceeding NIS 1 billion. They were subsequently joined by Rustic Bakery. Alongside these new entrants, long-established food companies have been traded on the exchange for years, most notably Strauss, one of Tnuva’s major competitors, as well as Neto Melinda, Willi-Food, Zanlakol, and others.
Amid growing interest in the sector, the Tel Aviv Stock Exchange launched the Tel Aviv Food Index last May, designed to track the stocks of food companies, importers, and retail chains. At the time of its launch, the stock exchange said that the index would comprise 21 stocks with a combined market cap of some NIS 65 billion.
However, investor enthusiasm for the sector cooled in the months that followed. According to an analysis by "Globes" in August, the index had at that time shed more than 18% of its value since its launch, driven by declines in food stocks and a contraction of multiples across the sector. If Tnuva completes its IPO at the projected valuation, it will become one of the largest food companies on the stock exchange in terms of market cap.
Tnuva declined to comment on the content of this report.
Published by Globes, Israel business news - en.globes.co.il - on November 4, 2026.
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