Tel Aviv, June 3, 2021 - Management of Turpaz Industries opened trading this morning in celebration of its IPO on TASE.
Turpaz is one of the 49 new companies and R&D partnerships listed on TASE since the beginning of 2021, raising an aggregate of NIS 5.3 billion. The company joined the Industrials Sector, which currently comprises shares of 60 companies with a total market cap of NIS 89 billion.
Founded in 2011, Turpaz is a premier flavor and fragrance house providing natural and synthetic craft tailor-made compounds and ingredients to the cosmetics, toiletries and personal care industries, as well as to the food and beverage industry. Additionally, the company produces ingredients particularly designated for the pharma industry.
The company has 8 fragrance factories worldwide, including in Israel, the United States, Vietnam and Poland. Its products are distributed globally, in Europe, North America, East Asia and Israel.
As part of Turpaz' strategy, it has to date completed 9 transactions for the acquisition of companies or their operations and is currently negotiating additional acquisitions of companies and operations in the United States and across Europe.
The company has more than 260 employees, mostly in Israel and has generated total revenue of US$ 53 million in 2020.
The company issued 23.7% in a book building IPO to institutional investors, based on a company value of NIS 876 million. The current market cap of the company is NIS 1.28 billion and a share yield of 46%.
On the semi-annual rebalancing, at the closing of trade on August 5, 2021, the shares of the company are expected to join TASE's TA-SME60, TA-SME150 and TA-industrials indices.
Keren Hazon, Chairperson and CEO of Turpaz Group, said: 'The opening ceremony at TASE today is an exciting milestone for me and my partners. We believe that this equity IPO will assist Turpaz Industries accelerate the implementation of its global acquisition strategy and continue to establish itself as a global company for the development, production, marketing and sales of flavor and fragrance extracts, as well as special ingredients with high added value in the pharmaceutical and Aromatherapy sectors. We thank the institutional investors and the public who expressed great confidence in the controlling shareholders and managers of Turpaz Industries and made this IPO a success.'
Drorit Vilnai, Listings Unit Manager at TASE, said: 'TASE highly values the importance of a variety of companies joining in, of all sizes sectors, in order to allow investors a wider exposure to the success of the Israeli economy. We believe that TASE, as home of the Israeli economy, is the natural and most suitable venue for Israeli companies to grow and develop, and we hope to see more Israeli companies join TASE and drive the engine of the economy. We wish Turpaz management and employees success and look forward to seeing the company continue to produce and develop the right flavors and fragrances, for the benefit of consumers, investors and the Israeli economy.'
In the photograph from right to left: Shay Nevo, Deputy CEO of Poalim IBI underwriters; Tzahi Sultan, CEO of Discount Captial underwriters; Adv. Nitzan Markovits, Partner at Meitar Law Offices; Alon Granot, shareholder at Turpaz; Adv. Israel (Reli) Leshem - a partner and director at Turpaz; Keren Cohen Hazon, controlling shareholder, Chairperson and CEO of Turpaz; Danny Geva, shareholder at Turpaz; Erez Melzer, Executive Director at Turpaz; Drorit Vilnai, Listings Unit Manager at TASE and Amnon Neubach, Chairman of TASE.
Photography credit: Photo Magma. The photo is free of charge.
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