Shikun & Binui Energy raises NIS 555 million in TASE IPO
Shikun & Binui Energy is to raise NIS 555 million in its IPO on the Tel Aviv Stock Exchange (TASE) – the biggest IPO on the TASE so far this year – although the valuation is less than half that planned for by Shikun & Binui Energy when it began the public offering process almost two years ago.
Shikun & Binui Energy develops, builds and operates projects for producing energy through photovoltaic and thermo-solar technologies, and natural gas. The company has activities in Israel, Romania, Italy and the US in Texas and California.
Shikun & Binui Energy will begin trading on the TASE at a company valuation of NIS 2.76 billion, after money (or NIS 3.13 billion in full dilution). After the IPO is completed Shikun & Binui will hold a 79.9% stake in the company (82.3% in full dilution), with the remainder held by investors in the publicly traded shares.
Gornitzky represented Shikun & Binui Energy, led by Partners Sharon Verker-Sagi, Alon Shecheransky and Roy Ben-Ari.
