FIMI Opportunity Funds floated Inrom Industries Ltd. on the Tel Aviv Stock Exchange (TASE) on Monday at a company value of NIS 800 million, after lowering the planning minimum price for the offering, and overcoming negative sentiment in the primary market. FIMI had planned to float Inrom at a company value of NIS 1 billion, and cut the minimum price to reflect a company value of NIS 737 million.
The institutional stage was oversubscribed 1.6-fold, with more than NIS 400 million in offers, and NIS 425 million if all options are exercised. FIMI will keep a 49% stake in Inrom.
Inrom has three areas of business: paint, construction materials and finishing materials. FIMI acquired Inrom (formerly Orlite Industries) in 2008-09. It included six companies at the time, three of which will now go public - Nirlat Colors Ltd.; Carmit - Construction & Building Products Ltd. (which markets under the Mister Fix brand); and construction blocks maker Ytong Industries Ltd. as subsidiaries of Inrom; and three of which Alony - Construction Finishing Products Ltd.Orlite Composite Materials Ltd.Urdan Metal Casting Ltd. - will stay private as they are not included in the offering.
Leader Underwriters (1993) Ltd. was the underwriter.
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
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