Flurry Of Tech IPOs Buoys Renaissance For Tel Aviv Stock Exchange
This article was first published by The Times of Israel and is re-posted with permission.
When Yair Nechmad, CEO and chairman of Israeli fintech firm Nayax, opened the trading day at the Tel Aviv Stock Exchange in a celebration of his company’s initial public offering of shares, officials of Israel’s only stock exchange were likely savoring the moment.
Nayax’s May IPO was a milestone. The largest in the history of the TASE’s tech sector in terms of both the company value and the amount raised — NIS 462 million ($141 million) based on a company valuation of NIS 3.4 billion ($1.05 billion) — it was also the exchange’s first share offering of a unicorn, or a startup with a value of over $1 billion.
Over 70 percent of the Nayax shares sold via the IPO were acquired by international investors, TASE said.
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