Tel Aviv, August 9, 2022 - Management of Carasso Real Estate opened trading this morning, in celebration of its IPO on TASE.
Carasso Group was founded in 1933 by the father of the family, the late Moshe Carasso. It was incorporated as a company in 1967 and consolidated the family's automotive and real estate businesses. In 2007-2008, the Group split its real estate business into Carasso Real Estate and the automotive activity into Carasso Motors. In 2011, Carasso Motors was listed on TASE.
The company completed an IPO of NIS 332 million, consisting of NIS 167 million in capital raising and NIS 164 million in a secondary offering by family members, based on a company value of NIS 2 billion.
Carasso Real Estate is the largest IPO since the beginning of 2022 in terms of market cap and the volume raised.
The company joined TASE's Construction Subsector. Since the beginning of 2020 until today, 10 new construction companies joined TASE and the Subsector now comprises 42 companies with a total market cap of NIS 57 billion.
In October 2022, the share of the company is expected to join TASE's TA-90, TA-125, TA-Real Estate and TA-Construction indices.
Dan Parness, CEO of Carasso Real Estate, said: "I am delighted to open trading today on TASE. The transformation of Carasso Real Estate into a public company is an important and essential milestone in the company's development, reflecting is substantial achievements in the Israeli real estate sector. We thank the capital market and the investors for their vote of confidence, especially in these volatile and uncertain times in the global financial markets."
Hani Shitrit-Bach, EVP and Head of Listing at TASE, said: "Family companies play an essential part in developing the capital market and the Israeli economy. Close to 40 family companies are currently traded on TASE, and we look forward to seeing more family companies take this step and go public, thereby securing the foundations for the company's management by the family and subsequent generations. We believe that family companies have a lot to gain from going public. It is a win-win step that benefits the family itself as well as the investors, who have confidence in the family management, and the Israeli economy."
In the picture from right to left: Ioni Goldstein Carasso, Chairman of Carasso Real Estate; Yoel Carasso, Director at Carasso Real Estate; Dan Parness, CEO of Carasso Real Estate; and Ittai Ben-Zeev, CEO of TASE.
Photography credit: Kobi Wolf. Authorized for use for no consideration.
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