Barzani Completes Major Share Offering: Bar and Barzani Brothers Enter Tel Aviv Stock Exchange at a Value of NIS 3.25 Billion

In depth

Infrastructure company Barzani has completed a share offering on the Tel Aviv Stock Exchange, under which about NIS 1 billion was raised. The offering was carried out at a valuation of NIS 3.25 billion after the money was raised, lower than early estimates.

The offering drew demand from about 90 institutional investors, totaling about NIS 1.3 billion. Activ Underwriting, which led the offering, is expected to collect a fee of up to NIS 20 million.

The funds raised will be used to repay loans to a sister company, establish raw materials plants and expand operations. After the offering, a dividend of about NIS 350 million will be distributed, of which about NIS 240 million is expected to go to the controlling shareholders, Dayan Bar and Yossi Barzani.