FIMI’s IPO Could Be Biggest on TASE
The biggest initial public offering on the Tel Aviv Stock Exchange this year could be that of FIMI Opportunity Funds, which has announced an IPO in a building-products group it controls, Haaretz reported on Monday.
FIMI plans to raise 400 million shekels ($115.2 million) floating its wholly-owned Inrom Construction Industries at a company valuation of 1 billion shekels.
Unless Tnuva goes public this year, Inrom will be the biggest IPO in the TASE. The company will enter the TA-100 index.
Although no firm date has been set for the IPO, FIMI is aiming for the end of May.
The entire proceeds of the IPO will be pure profit for FIMI, which has already earned back its entire investment in Inrom Construction in the form of 160 million shekels in dividends it has collected over three years.
Inrom’s financial reports released on Sunday show double-digit growth rates. The firm is riding high, with significant cash flow and no debt. It will initiate a dividend policy as of 2014 of distributing 75% of its profits to shareholders.
This article appeared in print on page 6 of edition of Hamodia.
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