Israir Group raises NIS 25m in TASE IPO
Aviation and tourism group Israir Team (formerly BGI Investments) has held a successful giving on the Tel Aviv Inventory Trade. In the general public tender that took place yesterday, the organization raised NIS 25 million at a pre-funds valuation of NIS 220 million.

Israir Group will issue 22.523 million shares at NIS 1.11 for each share, symbolizing 10.2% of its share funds.

Israir Group is the parent organization of Israir Airlines and Tourism. In January 2021, BGI Investments obtained handle of Israir Airways and Tourism in an auction by the trustee of IDB Development.

In that deal, BGI Investments and Rami Levy bought 75% of the shares in Israir for NIS 121.5 million, at a business valuation of NIS 162 million. Following Israir relinquished a $5 million credit card debt, which gave the offer a business valuation of NIS 179 million, Israir shares held by Rami Levy and the IDB trustee have been converted into shares in BGI Investments, which was renamed as Israir Group.

The premier shareholders in Israir Team before the recent giving were being Shay Odem, a organization owned by Rami Levy and Shalom Haim (42.42%), Rami Levy (24%), and the IDB Enhancement trustee (25%).

Soon after completion of the providing, Israir Team will authorize a even further 5.415 million shares arising from the training of possibilities: 1.665 million choices issued in the previous by BGI Investments to 3 of its senior professionals, and a further 3.75 million alternatives promised to Israir administrators following the completion of its acquisition that have not yet basically been distributed.

Posted by Globes, Israel business enterprise news – en.globes.co.il – on June 21, 2022.

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