The company said it aims to raise NIS 80 million in its flotation.
Battery manufacturer E. Schnapp & Co. Works Ltd. said today that it has completed the institutional stage of its IPO and that it expects to raise NIS 80 million in the offering which will also include the issue of bonds and warrants. E. Schnapp's parent Isal Amlat Investment Ltd. (TASE:ISAL), controlled by Ronny Elroyi, and the Rosenstein family, filed a draft prospectus with the Tel Aviv Stock Exchange (TASE) for the company in February.
E. Schnapp aims to raise NIS 35 million in shares, 25% of its issued capital. The underwriters for the offering will be Menora Mivtachim Underwriters & Management Ltd., Leumi & Co. Underwriters Ltd., Apex Underwriting & Issue Management Ltd., and Epsilon Underwriting & Issuing Ltd.
Midroog has rated the Schnapp bonds A2 for a value of up to NIS 45 million. According to Midroog, E. Schnapp's profit totaled NIS 12 million in 2006, up 24% compared with 2005, while its revenue totaled NIS 101 million, 62% higher than in the previous year. The company will distribute a NIS 23 million dividend before the IPO.
Published by Globes [online], Israel business news - www.globes.co.il - on April 22, 2007
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