Tel Aviv, June 14, 2021 - Management of Av-Gad Holdings opened trading this morning in celebration of its IPO on TASE.
Av-Gad is joining the 57 new companies that listed on TASE since the beginning of 2021, raising in aggregate NIS 7.3 billion.
Av-Gad is engaged in real estate development and construction contracting in Israel. The group focuses on the development of urban renewal residential projects, mainly in the Sharon Region and in Central Israel. The construction works are executed by the subsidiary, Av-Gad Civil Engineering, which provides contracted construction services to the group companies.
The company has built upwards of 500 residential units to date and currently has 6 projects under construction and holds rights in 12 projects that are under construction or in the planning stage, jointly comprising hundreds of residential units. The revenue of the group in 2020 totaled NIS 93 million.
The company raised NIS 31 million in a book building IPO of shares and a series of warrants to institutional investors and in a Dutch auction to the public, based on a company value of NIS 104 million.
At the end of trading on August 5, 2021, the semi-annual rebalancing date, the shares of the company are expected to join TASE's TA-Growth, TA-Real Estate and TA-Construction indices.
Michael (Michi) Ratzon, Chairman of Av-Gad, said: 'I am thrilled to be here on this momentous occasion for the company and myself. As a young man, I wasn't aware of the significance of the stock exchange, but today I realize its key role as the home of the Israeli economy. TASE and the capital market serve as essential growth engines for the economy. The capital market's vote of confidence in a young company like ours, operating for 11 years is a pivotal event in the life of the company. We follow good practices of efficiency and transparency and I thank you for the invitation to this ceremony. I would also like to express my gratitude to the underwriting and investor relations teams, and look forward to many more years of cooperation.'
Drorit Vilnai, Listings Unit Manager at TASE, said: 'Seeing the growing momentum of the Israeli construction sector, TASE launched the TA-Construction index that allows the public exposure to all construction companies. Av-Gad is the third company, since the beginning of the year, to join TASE's Construction Subsector, which comprises 37 companies with a total market cap of NIS 46 billion. We wish Av-Gad management and employees the best of success and look forward to seeing the company rise up for the benefit of the investors and the Israeli economy.'
In the picture from right to left: Tzahi Cohen, CFO of Av-Gad; Michael (Michi) Ratzon, Chairman of Av-Gad; Reem Ratzon, CEO of Av-Gad; Oded Ratzon, CEO of Av-Gad Civil Engineering; Drorit Vilnai, Listings Unit Manager at TASE and Amnon Neubach, Chairman of TASE.
Photography credit: Sivan Farag, free of charge.