Energix Renewable Energy Ltd. raised a gross NIS 146 million in its IPO on the Tel Aviv Stock Exchange (TASE) today. Energix is a spin-off of Alony Hetz Property and Investments Ltd. (TASE: ALHE) mall arm Amot Investments Ltd. (TASE:AMOT), which offered 90% of Energix's shares to Amot's current shareholders.
Amot's shareholders bought NIS 108 million worth of Energix shares, including NIS 85 million bought by Alony Hetz, giving it a 51% stake in Energix. Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) bought NIS 22 million worth of shares, giving it a 13% stake in the company.
Energix's underwriters - Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), Apex Underwriting & Issue Management Ltd., Leader Underwriters Ltd., and Rosario Capital Ltd. - bought NIS 16 million worth of shares, as per their commitments. Alony Hetz controlling shareholders, CEO Nathan Hetz and chairman Aviram Wertheim invested an additional NIS 1.7 million, based on their holdings in the company.
After the IPO, Amot will own 12.2% of Energix, and it will report a pretax capital gain of NIS 20 million for the second quarter.
Energix builds and operates small photovoltaic facilities. The company currently operates 18 50-kilowatt facilities, generating NIS 3 million a year from electricity sales. The company wants to build larger facilities and has applied for licenses, which could boost its annual revenue to NIS 30 million. The company lost NIS 1.8 million in 2010 on less than NIS 1 million revenue, and it had a shareholders' equity deficit of NIS 1.9 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 2, 2011
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