Strong Performance of TASE and Current Trends in Israeli Capital Markets
Ranked in pole position as an Elite firm in the Capital Markets: Volume table in the recently published IsraelDesks rankings, we caught up with David Huberman, Tel Aviv Capital Markets Shareholder at Greenberg Traurig.
Does TASE’s recent outperformance compared to global markets have any impact on Israeli clients and their U.S. listings?
TASE’s recent performance has certainly led to increased discussions among Israeli companies considering a U.S. IPO and questioning whether targeting or maintaining a TASE listing could be the right choice. There’s no denying that the Israeli capital markets have shown impressive resilience, and the strong performance of the TASE—particularly in sectors like banking—has made some companies reassess whether they can raise sufficient capital domestically.
However, it’s important to recognize that this outperformance hasn’t been uniform across all industries. For many growth-oriented or tech-focused companies, the depth and scale of U.S. capital markets still make them the more logical choice. Companies that were already eyeing a U.S. listing should not view the recent TASE gains as a reason to change course.
Which industries have you seen a spike in activity in terms of equity or debt issuances? How do you think this will pan out and any clouds on the horizon?
Yes, the U.S. capital markets are facing challenges right now, particularly due to trade tensions and broader macroeconomic uncertainty. But the IPO process typically takes four to six months, and we’re seeing a notable shift in sentiment: more Israeli companies are pushing ahead with IPO plans. In fact, we’re currently working on more IPOs for Israeli companies than we have in the past two years. Many of these are still in the confidential stage with the SEC, but the fact that companies and U.S. underwriters continue to move forward suggests confidence that the IPO window will reopen—likely once market conditions stabilize.
While the current U.S. environment may be difficult, the prevailing view among many Israeli issuers is that these are short-term headwinds. Companies are positioning themselves to be among the first to benefit when the window reopens. The U.S. remains the natural destination for those seeking access to deep and diverse investor bases, and that sentiment remains unchanged –even amid short-term volatility.
