Israel's Enlight Renewable Energy files to list in United States

Jan 23, 2023 12:44 PM ET
  • Israeli renewables designer Enlight Renewable Energy Ltd (TLV: ENLT), which is currently provided on the Tel Aviv Stock Exchange, has actually applied for an initial public offering (IPO) in the United States, looking for to likewise trade its shares on Nasdaq.
Israel's Enlight Renewable Energy files to list in United States
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The regards to the planned floatation have actually not been made a decision yet. The Rosh Ha'ayin-headquartered firm has actually just set a placeholder amount of USD 100 million (EUR 91.8 m) for the offering at this stage of the listing process.

The firm will certainly be targeting gross proceeds of more than USD 200 million, according to Israeli daily business newspaper Calcalist.

The earnings from the IPO will be utilized to fund the equity requirements for the company's advanced development projects and for working capital and also general business purposes, the prospectus says.

Shares in the Israeli wind as well as solar power projects developer last traded 5.86% reduced at ILS 707 in Tel Aviv, indicating a market capitalisation of regarding ILS 7.18 billion (USD 2.11 bn/EUR 1.94 bn).

J.P. Morgan Securities LLC as well as BofA Securities Inc have been tapped as the representatives of the underwriters for the IPO.

Establish in 2008, Enlight develops utility-scale renewable energy projects and runs throughout 11 countries. Its portfolio makes up about 17 GW of generation capacity and also regarding 15.3 GWh of energy storage capacity.

A few of the major investors of the Israeli company consist of local economic services and insurer, such as Migdal Insurance and also Financial Holdings Ltd, Harel Group, Clal Insurance Enterprises Holdings Ltd as well as The Phoenix Holdings Ltd, to name a few.

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