Tel Aviv Stock Exchange Ltd. is planning a potential IPO of at least 31.7 million shares, equivalent to 31.7% of its equity, by the end of 2018, Reuters reported, citing CEO Ittai Ben-Zeev.
Ben-Zeev said the offering, which could take place in November or December, will only be open to retail investors in Israel in a bid to boost the public's involvement in the country's economy, according to the Sept. 3 report. Retail investors' activity in the stock market currently stands at just 5%, a figure that the CEO seeks to increase by up to three times over time.
Should existing TASE shareholders decide to sell more of their stakes, there could be a higher amount of shares for the IPO, Ben-Zeev said. He added that a low minimum share purchase would be set, but the maximum value of shares that could be purchased by an individual would only be known after receiving all bids, according to the newswire.
A prospectus for the IPO will be filed sometime in September.
In August, the country's securities regulator approved the sale of 71.7% of the stock exchange operator to institutional investors. Investment fund Manikay Partners LLC will acquire a 19.9% stake in TASE, in a deal valuing the exchange at 551 million Israeli shekels.
Ben-Zeev said he hopes the listing will generate a higher valuation than the said amount, the newswire noted.
As of Sept. 3, US$1 was equivalent to 3.61 Israeli shekels.