Israel's Tel Aviv Stock Exchange Ltd. is planning to launch its IPO in early July, Calcalist reported May 21, citing two people familiar with the matter.

The bourse sold a 71.7% stake to five institutional investors in 2018 — 32.9% of which was set aside to sell to the public and is held by a trustee. CEO Ittai Ben-Zeev previously said the company was looking to float at least 31.7% of its equity in an IPO.

The stock exchange is assembling a prospectus and has planned a road show for Israel, the U.S. and Europe, the sources told the newspaper.

The sources added that the latest estimates put the bourse's valuation between 600 million Israeli shekels and 650 million shekels.

The stock exchange planned to launch an IPO in October 2018, but employees, which hold a 6% stake, protested leading to a delay. If the company does not sell the stake to the public, four of the institutional investors will be allowed to sell it independently as of January 2020, the report said.

As of May 22, US$1 was equivalent to 3.61 Israeli shekels.