Management of Shoval Engineering and Construction opened trading this morning on TASE in celebration of its IPO. Shoval Engineering is the third company to join TASE since the beginning of the year.
Shoval Engineering is a real estate development company incorporated in 2000, with operations dating back to 1985. Over the years, the company has spearheaded numerous large-scale projects across Israel, and in 2024 alone, signed agreements for the sale of more than 500 residential units, with a total transaction value exceeding NIS 800 million.
In June 2024, the company completed an offering of bonds, and in January 2025 issued shares and warrants based on a market cap of NIS 424 million. Since the offering, the company’s share price has appreciated by 30%, bringing its market cap to NIS 556 million.
Shoval joined TASE’s Construction Subsector, which currently comprises 49 share companies with a combined market cap of NIS 81 billion.
The real estate sector remains one of the leading sectors on TASE and is the second-largest sector, in terms of market cap, after the technology sector. Shoval is the fifth company since the beginning of 2024 to complete a bond IPO before offering its shares to the public.
Moshe Miller, Founder and CEO of Shoval Engineering, said: “We at Shoval are proud to be a public company and welcome the opportunity to showcase our achievements to the public. This is an important milestone in our growth trajectory, and we remain committed to expanding the Shoval Group, reaching new heights, and providing top-notch services to our customers. Together, we will continue to build a bright and promising future.”
Hagit Mika, Economist at TASE’s Listings Unit, said: “The number of real estate companies on TASE is constantly on the rise. To date, shares and/or bonds of 159 real estate companies are traded on TASE. The development of Israel’s real estate sector is also reflected in TASE’s indices - the Real Estate index currently comprises 85 companies with a total market cap of NIS 247 billion. We look forward to welcoming additional companies to TASE, as a significant step towards building and developing Israel, especially during these challenging times when there is a great need to rehabilitate large areas that were damaged as a result of the war. We wish the company’s management and employees continued success and growth in their development and construction endeavours, for the benefit of investors and the Israeli economy as a whole.”
