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Tel Aviv bourse defers IPO to 2019

The Tel Aviv Stock Exchange Ltd. has decided to postpone a potential IPO, which it initially planned to hold by the end of 2018, Bloomberg News reported, citing CEO Ittai Ben-Zeev.

Ben-Zeev previously said a potential listing of at least 31.7 million shares, equivalent to 31.7% of its equity, could take place in November or December.

"I can guarantee that the IPO will not take place in 2018," Ben-Zeev said in an interview with Bloomberg TV, adding that he now expects it to occur in 2019.

The CEO said the decision to delay the listing was taken because the stock exchange operator is dealing with some internal matters following a stake sale to U.S. investment fund Manikay Partners LLC — a transaction that closed in August — and not due to current unfavorable market conditions, Bloomberg noted.

Ben-Zeev said the stock exchange is currently valued at "$150 million, maybe a little more," and he does not foresee any problems with people purchasing its shares at that valuation, according to the report.