Published On: Sun, Aug 4th, 2013

Netz Groupe raises NIS 75 million ($20.8 million) in Mendelson IPO

Netz Group CEO Tzvi Itzik: We acquired our holding in Mendelson in the knowledge of its great potential, which was reaffirmed by the IPO.

Tel Aviv stock exchange

A new company has joined the Tel Aviv Stock Exchange (TASE). Netz Group Ltd. (TASE:NETZ) subsidiary Mendelson Infrastructures and Industries Ltd. has held its IPO and its shares will begin trading on the TASE.

Mendelson planned to raise NIS 68 million, including NIS 54 million in the institutional tender. The institutional tender was 30% oversubscribed, with NIS 71 million in orders. As a result of the oversubscription, the company increased the offering, raising NIS 75 million on Thursday from financial institutions and the public. The public tender was 25% oversubscribed.
Mendelson’s co-CEOs led the offering: Tzvi Itzik, who serves as the CEO of Netz Group; Shraga Bar; and CFO Yair Levy. Poalim IBI Underwriting and Investments Ltd. (TASE:PIU) and Menorah Mivtachim Underwriters and Management Ltd. were the underwriters.
Itzik said, “Mendelson is a longstanding company with a strong reputation in its field. The strong demand in the IPO is evidence of the buyers and investors’ confidence in the company. Netz Group acquired its holding in Mendelson in the knowledge of its great potential, which was reaffirmed by the IPO. We held the offering in order to move the company forward to growth, and to allow our investors to be directly exposed to Mendelson.”
Mendelson has been in the valves industry since 1947. Netz Group and its partners acquired control of the company a year ago, and acquired the balance of it six months later. The company posted a net profit of NIS 44 million on NIS 1 billion revenue in 2012.
Published  www.globes-online.com 

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