Ithaca Energy completes London flotation at USD 2.9b valuation

Categories: Projects & Energy

Delek Group Ltd.’s UK North Sea oil and gas production unit Ithaca Energy completes its flotation on the London Stock Exchange. The flotation will give Ithaca a valuation of between USD2.9, and inject USD 303 million cash into Delek.

This will be another milestone in a remarkable recovery for Delek, controlled by Yitzhak Tshuva (50.2%), which currently has a market cap of NIS 9.8 billion. In the dark days at the start of the Covid crisis in March-April 2020, the company was on the brink of collapse.

Delek has been eyeing a London flotation for many years of its gas and oil exploration and production activities in the Eastern Mediterranean, which are carried out by NewMed Energy (TASE: NWMD) (formerly Delek Drilling). NewMed Energy holds a 45.3% stake in the Leviathan gas field offshore from Israel and a 30% stake in the Aphrodite gas field offshore from Cyprus.

Pinsent Masons has advised Ithaca Energy on its IPO and premium listing on the main market of the London Stock Exchange.