Gama Management and Clearing Ltd. (Gamma Management and Clearing) is reportedly acting to raise ILS 300 million in an IPO, at a company valuation of ILS 700 million before money. The offering may include an offer for sale by the company's shareholders, principally The Phoenix Holdings Ltd. (TASE:PHOE), which holds 49%. The lead underwriter for the offering, planned for the first half of 2021, has not been appointed.

The assessment on the market is that Excellence Underwriting, which belongs to the Phoenix group, will play a leading role.