Israeli airline and tourism company Israir Group has published a prospectus to raise NIS 25 million on the Tel Aviv Stock Exchange (TASE) at a company valuation of NIS 220 million, NIS 240 million by cash.
The offer is scheduled to take place later this month. Israir plans to offer 22,523,000 shares to the public at NIS 1.11 per share, representing a 9.26% interest in the company.
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Rami Levy’s BGI Investments (TASE: BGI) acquired control of Israir in January 2021 following a tender process conducted by the Bankruptcy Trustee for IDB Development. At the end of the process, BGI acquired a 75 percent interest in Israir for NIS 121.5 million, at an enterprise valuation of NIS 162 million.
After Israir canceled a $5 million debt giving the transaction a business valuation of NIS 179 million, the Israir shares held by Rami Levy, BGI and the IDB trustee were converted into a company incorporated in Israir Group has been renamed.
The largest shareholders of Israir Group are currently Shay Odem, a company owned by Rami Levy and Shalom Haim, which holds a 38.9% stake, Rami Levy (21.55%) and the trustee of IDB Development still holds one Share of 22.45%.
Upon completion of the IPO, Israir Group will issue an additional 5,415,000 shares that will serve as options, including 1,665,000 shares historically issued by BGI to three of its officers and 3,750,000 options representing the senior Israir executives have been promised the purchase but have not yet been distributed.
Published by Globes, Israel business news – en.globes.co.il – on June 12, 2022.
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