The company collected NIS 250 million at an estimated NIS 1.25 billion.
Infrastructure and energy company Rimon Group has completed its IPO on the Tel Aviv Stock Exchange. The company collected NIS 250 million at an estimated NIS 1.25 billion.
The offer was led by Epsilon Underwriting and Issues, Poalim IBI Underwriting and Issues and Leumi Partners Underwriting. Riomon was advised by the law firm Agmon & Co. Rosenberg Hachohen & Co., and Deloitte Brightman Almagor Zohar and Beta Finance.
Rimon Group was founded in 1997. It undertakes special underground infrastructure projects, is Israel’s largest private water supplier and develops energy projects. In the last two years, the group’s revenue has grown by more than 50%, in total in 2020, to NIS 364.5 million.
Ownership of the company is divided between Granota, the largest kibbutz corporation in Israel, in which 44 kibbutzim are partners (56.3%); The Phoenix Holdings Ltd. (LEVEL: PHOE1;PHOE5) (19.9%); and Yossef (Yossi) Elmalem, the company’s founder and CEO (23.8%).
Posted by Globes, business news in Israel – en.globes.co.il – July 23, 2021
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