Israir Group raises 25 million NIS in TASE IPO

Israir Group Aviation and Tourism Group (formerly BGI Investments) conducted a successful offering on the Tel Aviv Stock Exchange. In a public tender held yesterday, the company raised NIS 25 million, with a preliminary estimate of NIS 220 million.

Israir Group will issue 22.523 million shares at 1.11 NIS 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 Israel Airlines and Tourism at a tender from the trustee of IDB Development.

In the deal, BGI Investments and Rami Levy bought a 75% stake in Israel for NIS 121.5 million, valued at NIS 162 million. After Israel waived $ 5 million in debt, which gave the deal a valuation of NIS 179 million, Israeli shares owned by Rami Levy and IDB’s trustee were converted into shares in BGI Investments, which was renamed Israir Group.

The largest shareholders in the Israel Group before the current offering were Shay Odem, a company owned by Rami Levi and Shalom Chaim (42.42%), Rami Levi (24%) and the manager of IDB Development (25%).

Following the completion of the offering, the Israir Group will allow an additional 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 top managers, and another 3.75 million options promised to Israir managers after the completion of its acquisition, which have not yet been actually distributed.

Posted by Globes, Israel Business News – en.globes.co.il – on June 21, 2022.

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