Prashkovsky Investments and Construction Ltd. (TASE:PRSK.B1) has filed a prospectus for an IPO on the Tel Aviv Stock Exchange (TASE). Sources inform ''Globes'' that the company wants to raise NIS 120 million, but market sources say that NIS 100 million is more likely. The offering will take place during the first quarter and will probably be based on the company’s financial report for the fourth quarter of 2006.
Prashkovsky has not yet organized an underwriting syndicate for the offering, and it is negotiating with leading underwriters. The company raised NIS 40 million in a bond issue in May 2006, led by First International & Co. Underwriting and Investments Ltd. and Harel Underwriting and Issues Ltd., and they may lead the IPO.
Prashkovsky is also planning a parties at interest deal before the IPO. In a notice the TASE, the company said that it planned to sign contracts with shareholders to buy rights to land currently zoned for agriculture against an allocation of company shares.
Prashkovsky Investments, run by CEO Yossi Prashkovsky, develops residential real estate. It posted a profit of NIS 1.8 million in NIS 27.5 million revenue in January-September 2006. At the end of September it had a debt of NIS 150 million, NIS 18.5 million in shareholders’ equity, and a current accounts deficit of NIS 76 million.
Published by Globes [online], Israel business news - www.globes.co.il - on January 15, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007