The value of AFI Development’s pending IPO on the LSE: $4.2-5.5 billion.
The huge flotation of Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AFI Development plc on the London Stock Exchange will turn Africa-Israel chairman Lev Leviev's partner, Alex Khalday, into a multimillionaire. Khalday owns 12% of AFI Development, worth $500-660 million.
This value, derived from the pending flotation, announced today, will amount to $4.23-5.51 billion. This is the highest value ever for an IPO by an Israeli company. AFI Development plans to raise $1-1.2 billion, and Africa-Israel executives have goneon a road show that will focus on Europe and several states in the US.
Africa-Israel will report one of the largest capital gains ever made by an Israeli company from an IPO on a foreign bourse, if not the largest ever. Africa-Israel will report a capital gain of NIS 2.3-3.2 billion from the IPO of AFI Development. The lower figure is derived from the minimum price, and if the underwriters do not exercise their options. The higher figure is derived from the optimistic scenario, in which the IPO closes at the maximum price and the underwriters do exercise their options
Published by Globes [online], Israel business news - www.globes.co.il - on April 17, 2007
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