Sixty-six years after its establishment, the Tel Aviv Stock Exchange is going private. Beginning in October, the TASE will be traded as a stock on the Exchange itself. On Monday, a tender for sale of the shares will be held, allowing banks or other licensed organizations to sell shares to the public in advance of its IPO, which will take place at the conclusion of trading on October 3rd.
The auction will be held with a value of NIS 225 million in nominal values for the shares to be issued, but already the expected IPO price will be nearly triple that amount, with each share valued at NIS 7.1, for a total of NIS 710 million.
The TASE is currently owned by a group of private investors, but with the stock sale, their majority share of ownership will be diluted. “The Tel Aviv Stock Exchange is joining stock exchanges around the world in becoming a public corporation, with greater transparency, responsibility and participation of the public,” said Itai Ben-Ze’ev, CEO of the TASE. “We hope that we have paved the way for more companies, both international and local, to issue shares on the TASE.”