The IPO of Oil Refineries Haifa on the Tel Aviv Stock Exchange (TASE) is scheduled for February 15, 2007, at an estimated company value of NIS 1.7 billion. The Government Companies Authority plans to hold a road show in New York, Los Angeles, London and two other European cities during January.
The Government Companies Authority will initially float 50.01% of Oil Refineries Haifa’s shares. If demand is exceptionally heavy, the Government Companies Authority may increase the number of shares to be offered.
The underwriters are Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), Clal Finance Underwriting Ltd. and Leader Underwriters (1993) Ltd., and the foreign distributors are Merrill Lynch, Lehman Brothers and JP Morgan.
Ofer Brothers subsidiary Israel Corp. (TASE: ILCO), Israel Petrochemical Enterprises Ltd. (TASE:PTCH), and international companies are among the strategic investors expected to try to acquire control of Oil Refineries Haifa. The sale of the refinery completes the privatization of Oil Refineries, after Oil Refineries Ashdod was sold to Paz Oil Company Ltd. for NIS 3.5 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on November 23, 2006
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