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Management of Meitav Trade Investments opened trading this morning, in celebration of its listing on TASE and the first IPO in 2024.
Meitav Trade, the subsidiary, is a TASE member , providing a wide range of financial services, from trading and depository services for securities and derivatives to market-making and other related services. Meitav Trade is one of Israel's leading non-bank retail brokers, offering independent clients capital market access through advanced trading systems.
Meitav Trade has been active on TASE since 1969. Over the years, it has expanded its activities via M&A and, more recently, through organic growth of its customer base, both investors and traders.
The company recently launched a new trading app, mTrade, which facilitates trading on TASE and US-based stock exchanges, foreign currency conversions and provides alerts, decision-support AI tools and more.
As of the first nine months of 2023, accounting for an average of 10% of share and bond trading volumes on TASE, TASE member Meitav Trade is Israel's leading non-bank broker for independent customers, with AUM of NIS 24 billion and revenues of NIS 123 million.
The company raised in the IPO NIS 53 million and is trading at a market cap of NIS 260 million. The company reported adopting a dividend distribution policy of at least 75% of the net profit.
Osher Tubul, CEO of Meitav Trade Investments: " We are delighted by the success of the IPO. This significant milestone will enable us to continue promoting the company's goals. We built an excellent platform for investors, invested considerable resources in technology and market education, exposed the general public to trading on TASE, and positioned Meitav Trade as the preferred broker for trading on TASE. We thank investors for their trust and are committed to continuing to operate for their benefit and the benefit of all company stakeholders."
Adi Barkan, EVP, Chief Compliance Officer, said: " Meitav Trade Investments is the first company in 2024 to join TASE during this challenging period. TASE, as home of the Israeli economy, is committed to strengthening the local capital market, among others, by providing access to financial education and highlighting the importance of long-term savings to the public's financial future. Meitav’s ongoing efforts to improve the public’s capital market access benefit the capital market, the investors, and the State of Israel. We wish Meitav's management and employees great success as a public company."
In the picture from right to left: Ilan Raviv, Chairman of Meitav Trade Investments and CEO of Meitav Trade; Osher Tubul, CEO of Meitav Trade Investments; Ittai Ben-Zeev, CEO of TASE; Adi Barkan, EVP, Chief Compliance Officer at TASE; and Meitav Trade’s team.
Photography credit: Liat Mandel. Authorized for use for no consideration.
