U.S.-based Apax Partners LP canceled a planned initial public offering of portfolio company Zap on the Tel Aviv Stock Exchange, Globes reported Aug. 12.
The private equity firm's decision was reportedly made on the basis of market conditions, with talks between potential investors and the firm and its offering underwriters ending with the institutions demanding a 40% cut in the offering price. That would have valued Zap at about 400 million Israeli shekels, compared to the 650 million to 700 million shekels Apax had sought, which would have amounted to more than 4x what the company paid for the e-commerce and price comparison company in 2015.
Apax Partners is a unit of Apax Partners LLP.
As of Aug. 10, US$1 was equivalent to 3.71 Israeli shekels.