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Management of Bikurey Hasade opened trading this morning in celebration of its IPO on TASE.
Bikurey Hasade is one of the 21 new companies listed on TASE since the beginning of the year. The company is included in TASE's Commerce Subsector, which currently comprises 34 companies with a total market cap of NIS 35 billion.
Bikurey Hasade Group is engaged in the procurement, marketing and distribution of fresh produce, both local and imported, to the retail and institutional markets. The company also operates the Shuk Ha'Ir retail chain, with 11 branches nationwide. In addition, the company provides non-banking credit through its subsidiary, Green Ark.
Established in 1994 by brothers Ilan and Sasson Sheva, based on knowhow and experience in the procurement and distribution of fresh produce spanning more than 40 years, is a leader in its field, with more than 1,300 employees, of which 41% in Shuk Ha'Ir stores.
The revenue of the company in the first nine months of 2020 amounted to NIS 1.2 billion.
The company raised NIS 160 million in a book building IPO of shares to institutional investors, based on a company value of NIS 741 million (after the money).
At the end of trading on May 6, 2021, the shares of the company are expected to join TASE's SME-60 and SME-150 indices, under the new companies' fast-track entrance.
Ilan Sheva, CEO of Bikurey Hasade Group, said: “Bikurey Hasade is Israel's leading fresh produce trader, controlling the entire chain, starting in procurement, marketing and retail, through to financing solutions. The capital that we raised will be used for further expansion, penetration of new markets and upgrading the company's logistics center automation technology. By listing its shares on TASE, the company intends to expand its operations and create value for the investors. Bikurey Hasade has achieved this milestone with hard work and uncompromising standards and we are committed to continue pursuing excellence for our investors and customers."
Sarit Berman, Listings Unit Economist at TASE, said: “As home of the Israeli economy, TASE is the hub of growth and development for companies across all sectors of the Israeli economy, allowing the investors to benefit from the success of the companies listed on TASE. We wish the management and employees of Bikurey Hasade success and growth, which will allow the Israeli investors to enjoy the produce of the company and benefit from its success."
In the picture from right to left: Sarit Berman, Listings Unit Economist at TASE; Rafael Stienbetg, CEO Shuk Ha'ir; Ilan Sheva, CEO Bikurey Hasade; Alex Lokotkin, CFO Bikurey Hasade Hani Shitrit Bach, EVP and Head of Listings at TASE.
Photography credit: The Tel-Aviv Stock Exchange.
