YD More Investments raises NIS 65m in first stage of IPO

Yossi Levy photo: Shlomi Yosef
Yossi Levy photo: Shlomi Yosef

The auction for financial institutions was oversubscribed by NIS 280 million.

YD More Investments' share offering for financial institutions on the TASE yesterday was successful - it was oversubscribed by NIS 280 million, which pushed up the price for the offering 20% above the minimum price. The investment house raised NIS 65 million at this price a company value of at least NIS 240 million, before money. The public stage of the offering next week is likely to increase the company value still further.

With the completion of the offering, YD More Investments will become the fourth publicly traded investment house, after Meitav Dash Investments Ltd. (TASE:MTDS), Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), and Analyst IMS Investment Management Services Ltd. Participants in the tender included YD More's competitors - financial institutions that believe that the young investment house has plenty of room for growth.

YD More, managed by CEO Yossi Levy and mutual funds managers and head investment manager Eli Levy, his son, began operating in 2006. The firm concentrates on successful activity in mutual funds management. It is a medium-sized investment house with a rapidly growing volume of assets in a very volatile sector, and depends on its ability to achieve returns for its investors. The offering is being led by Poalim IBI and Leumi Partners Ltd..

In its prospectus for the offering, YD More predicted that it would finish 2017 with a NIS 30-35 million net profit, excluding a large one-time share-based payment likely to total NIS 10.8 million, on NIS 140-150 million in revenue.

The investment house has 50 employees, and the Levy family - father Yossi and son Eli - hold 29% of its shares. The Meirov family of diamond traders owns 55%, and private shareholders hold the remaining 16%.

Published by Globes [online], Israel Business News - www.globes-online.com - on July 20, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Yossi Levy photo: Shlomi Yosef
Yossi Levy photo: Shlomi Yosef
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018