Delek Properties completes IPO at reduced valuation

Actual property firm Delek Israel Properties (TASE: DLPR) has accomplished its preliminary public providing (IPO) on the Tel Aviv Inventory Alternate (TASE) at an organization valuation of NIS 660 million, earlier than cash. Within the flotation, the corporate, which is managed by Lahav L.R. Actual Property (TASE: LAHV) and Uri Mantzur, raised NIS 173 million from institutional traders.

The IPO of Delek Properties, which manages the earnings producing property of the Delek Israel chain of gasoline stations and comfort shops, comes after it examined the opportunity of itemizing its shares for buying and selling at first of the 12 months, when it was reportedly aiming for a valuation of over NIS 1 billion. Nonetheless, so far as is understood, the corporate acquired a chilly shoulder from the establishments that confirmed a willingness to spend money on the corporate, at a price considerably decrease than the corporate’s fairness (about NIS 840 million).

Lahav and Mantzur acquired management of Delek Israel in 2020 from Yitzhak Tshuva’s Delek Group at a price of NIS 750 million. A number of months later, Delek Properties, which holds Delek Israel’s gasoline stations and comfort shops, was break up right into a separate firm.

In 2023, the Ragnar Funding Fund invested NIS 25 million within the firm, at a valuation of NIS 740 million. After the fundraising, the corporate will probably be held by Lahav (31%), Uri Mansour (27%) who represent the controlling curiosity, Delek Group (19%), Ragnar Fund (3%) and the general public – 20%.

Delek Properties ended the primary quarter of the 12 months with income of NIS 14.5 million, much like the corresponding quarter final 12 months. The corporate reported web revenue of NIS 2.5 million, down 49% from the corresponding quarter final 12 months. As of the top of the quarter, the corporate had property price an estimated NIS 1.75 billion.

Delek Properties IPO comes on the finish of every week during which there have been two different IPOs on the TASE. Actual property and finance firm Ampa, managed by the Nakash brothers, raised NIS 600 million at an organization valuation of NIS 3 billion, after cash. Ampa additionally needed to compromise on its valuation. Additionally this week actual property firm Megiddo, managed by Aura Investments, accomplished an IPO at an organization valuation of NIS 781 million.

Printed by Globes, Israel enterprise information – en.globes.co.il – on July 17, 2025.

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