Isracard Group and Bank Hapoalim executives opened this morning (15 April) trading on TASE to mark Isracard’s IPO, in the presence of Dr. Hedva Ber, Supervisor of Banks at the Bank of Israel.
Isracard Group is Israel’s largest credit card company. This is a largest TASE IPO since the IPO of Azrieli Group in 2010. The Isracard IPO is the third IPO in 2019.
Isracard completed an offer for sale (OFS) of 65% of its equity in TASE for NIS 1.76 billion, according to a market capitalization of NIS 2.7 billion. Isracard joins TASE’s financial services sector as the largest company in this sector, which now includes 18 companies with total market capitalization of NIS 10 billion.
The company shares are expected to be included in the TA-90, TA-125, TA-SME 150, TA-Finance and TA-Insurance Plus indices at the end of trading day on June 6th, 2019.
Arik Pinto, CEO, Bank Hapoalim: “This is a historic day for the Israeli capital market, its economy and its citizens. The decision to undergo a public offering of Isracard shares on TASE is an expression of confidence in the Israel’s capital market. This offering allows the Israeli public to enjoy its fruits for years to come through its pension and funds. Isracard will continue to grow and lead the consumer credit market in Israel, serving millions of customers and the public as the company’s future shareholders.”
Eyal Deshe, Chairman of the Board of Directors, Isracard Group: “Isracard’s IPO on TASE is special as not every day there is such an IPO. We are embarking on a journey to implement a new and innovative corporate strategy, which will render Isracard a diverse, digital financial services company.”
Dr. Ron Wexler, CEO Isracard Group remarked: I am excited to be here today and to take part in this highly significant development for the Isracard Group. The company was founded 45 years ago and today, with the advent of spring, we celebrate its birth as a public company. I believe in our strength and ability to continue to grow. We are well aware of the responsibility placed on us to create value for all stakeholders, and are excited about the scope of the position, grateful to the institutional investors and the public for the impressive demand for subscription and for their trust, and of course, we anticipate a future of great things to come.
Ittai Ben Zeev, CEO, TASE: “I welcome Bank Hapoalim’s decision to offer Isracard shares to the public on TASE. Isracard Group is a large and significant company with over 3 million customers. The success of the IPO expresses the need for both institutional and the public to participate in this size of offerings on TASE. TASE is the most effective and best platform for large offerings such as Isracard and we believe that we will continue to see additional IPO of government companies as well as private companies from all sectors of the economy, listing on TASE and enabling both the investors and the capital market to enjoy the fruits of Israel’s economic success.”
In the picture from right to left: Noa Nave, legal counsel, Isracard Group; Ram Gev, CFO, Isracard Group; Oded Eran, Chairman of the Board, Bank Hapoalim; Dr. Hedva Ber, Supervisor of Banks, Bank of Israel; Dr. Ron Wexler, CEO, Isracard Group; Eyal Deshe, Chairman of the Board, Isracard Group; Arik Pinto, CEO, Bank Hapoalim; Amnon Neubach, Chariman of the Board, TASE; and Ittai Ben Zeev, CEO, TASE.
Photographer: Guy Assayag, photo without financial consideration.
