Clal Beverages Jafora TASE flotation oversubscribed

Len Blavatnik

The offering was at a company value of NIS 1.65 billion for Jafora, Israel's second largest soft drink company.

The institutional phase of the share offering in beverages company Jafora being promoted by Clal Industries, controlled by billionaire Len Blavatnik, was completed last night. Capital of NIS 220 million was guaranteed in the offering, which was oversubscribed by more than 100%.

The offering, conducted through Clal Beverages, a company founded for the purposes of the offering, reflects a company value of NIS 500 million for Clal Beverages, 5% higher than the minimum value set, and a NIS 1.65 billion value for Jafora.

As far as is known, a large proportion of the major insurance companies and provident funds participated in the IPO. Discount Underwriting and Issuing led the offering.

The public stage of the offering is scheduled in the coming days. Since the company has already raised all the money it wanted to raise, however, money will be raised in the public stage only if there is a change in the company value at this stage.

Jafora has been producing and marketing soft drinks since 1993. The company makes 12 beverage brands, including Schweppes, Mei Eden, RC Cola, Ein Gedi, and Spring. Jafora has 800 employees. Figures released by the company show that Jafora is Israel's second largest soft drinks company with a 26% market share, after the Central Bottling Company (Coca Cola Israel) with a 51% market share and before Tempo with a 15% market share. Jafora finished 2017 with NIS 949 million in revenue, while profit grew 14% to NIS 129 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Len Blavatnik
Len Blavatnik
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