September 3, 2018 / 8:46 AM / 22 days ago

Tel Aviv Stock Exchange plans IPO by end of 2018 -CEO

TEL AVIV, Sept 3 (Reuters) - The Tel Aviv Stock Exchange (TASE) plans an initial public offering of nearly one-third of its shares as early as November, the TASE chief executive Itai Ben Zeev said on Monday.

Ben Zeev said the Israeli exchange seeks to sell at least 31.7 million shares, or 31.7 percent, in November or December in an issue that will only be open to Israeli retail investors.

He said a prospectus for the offering will be filed sometime this month.

Last month, the newly privatised TASE won approval from Israel’s securities regulator for a deal to sell nearly 20 percent of the exchange to investment fund Manikay Partners and another 19 percent to four other foreign investors.

The sale, announced in April, put a value of 551 million shekels ($153 million) on Israel’s stock exchange, which has struggled with declining trading volumes.

Ben Zeev said he hopes the offering will be at a “significantly higher” valuation than 551 million shekels.

$1 = 3.6110 shekels Reporting by Steven Scheer; Editing by Tova Cohen

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