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The Israeli billionaire has successfully floated Camden Market at a company value of £750 million.
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Despite the volatility on world markets due to the Russian financial crisis, Teddy Sagi has successfully completed his fourth IPO in London – the third in 2014. Yesterday, the Israeli billionaire completed the IPO of Camden Market, raising £100 million ($156 million) at a company value of £750 million ($1.2 billion) on London’s Alternative Investment Market (AIM).
The new company, which held the offering, is called MarketTech, and it was the biggest IPO on the AIM this year. The share will begin trading next Monday at a company value of £2. It is his third successful IPO this year on the AIM after clearing company SafeCharge International Group plc (AIM: SAFE) (market cap $551 million), and digital ad optimization company Crossrider Ltd. (AIM:CROS).
Within a year, Sagi hopes to move MarketTech to the main London Stock Exchange where his veteran online gaming platform Playtech Cyprus Ltd. (LSE: PTEC) (market cap $3 billion) trades.
There was very high demand for MarketTech shares fivefold, and 15% of the shares were bought by Israeli institutional investors including leading insurance companies and provident funds. The shares were distributed in Israel by Brack Capital Properties NV (TASE: BCNV). This is the first time that Sagi has allowed the Israeli capital market to participate in one of his IPOs. Not surprisingly the demand in Israel was substantial.
In March 2014, Sagi bought Camden Market Holdings, which includes Stables Market and Camden Lock Village, for £400 million. In October, he paid a further £70-90 million to buy the adjacent Camden Lock and Buck Street. Sagi thus owns the most important four of the six sections of the market, which is the second biggest tourist attraction in London after Buckingham Palace with an estimated 40 million visitors each year.
Sagi plans investing over £300 million in developing the market by the start of 2018.
In recent weeks, the Group opened a 15, 000 square meter logistics warehouse to handle increased online purchases from the market.
Published by Globes [online], Israel business news – www.globes-online.com
