Management of Ace opened trading this morning in celebration of its IPO on TASE.
Ace is one of the 21 new companies that listed on TASE since the beginning of 2021, raising NIS 2 billion in aggregate. The company is included in TASE's Commerce and Services Sector, which currently comprises shares of 67 companies, with a total market cap of NIS 73 billion.
The retail chain supplies various products for home improvement and for general maintenance of home, garden and car. The company has 34 stores nationwide and 3 online sites that offer products of its three brands - Ace, Auto Depot and Ace Electric.
The company has 1,000 employees and a loyalty club of more than 900 thousand members. In the first nine months of 2020, the company recorded revenue of NIS 470 million and a net profit of NIS 22 million. The company announced its intention to adopt a dividend distribution policy of at least 35% of the annual net profit and at the beginning of February 2021 already distributed a dividend of NIS 20 million.
The company raised NIS 150 million (NIS 100 million from a secondary offering and NIS 50 million from the capital of the company) in a book building IPO of shares and warrants, based on a company value of NIS 430 million after the money.
At the beginning of April 2021, the shares of the company are expected to join TASE's TA-Growth and TA-Rimon indices, under the new companies' fast-track entrance.
Izik Uzana, CEO of Ace Group, said: “Our transformation into a public company is a significant milestone. This year, we were able to realize our vision and conquer new peaks. We are grateful to management of the Kedma fund, to the Chairman of Ace and to all the company employees - starting in management through to the store and website workers - who buckled down and successfully confronted this year's challenges. I am committed to continue justifying the vote of confidence in the company by the investors and by the hundreds of thousands of the company's customers."
Hani Shitrit Bach, EVP and Head of Listings at TASE, said: “We encourage companies from all sectors of the Israeli economy to join TASE, home of the Israeli economy, which serves as venue of growth for the Israeli companies while allowing the public to participate in their success. We believe that TASE is the optimal and most suitable growth engine for financial and economic growth, particularly in these challenging times. We wish Ace and its employees success and growth, which will allow the Israeli public to enjoy the products of the company and benefit from its success."
In the picture from right to left: Uri Einan, Chairman ACE; Izik Uzana, CEO ACE; David Mor, CFO ACE and Hani Shitrit Bach, EVP and Head of Listings at TASE.
Photography credit: The Tel-Aviv Stock Exchange.
