Renewable Energy Firm Lanir Seeks $45 Million IPO on Tel Aviv Stock Exchange
Despite a cooling IPO market, renewable energy company Lanir Group has announced its intention to list on the Tel Aviv Stock Exchange, seeking to raise approximately NIS 705 million (before money) in its initial public offering. The company, founded in 2018 as Nir Solar, specializes in the development and installation of solar energy systems. The offering, led by underwriting firms Orion and Rosario, aims to raise about NIS 176 million by issuing approximately 20% of its shares and warrants. If fully exercised, the warrants could provide an additional NIS 57 million.
Lanir's controlling shareholders are Chairman Lavi Carmon, CEO Nadav Ephrati, and Deputy CEO Rafael Matzliach, who will collectively hold about 80% of the company post-IPO, valued at roughly NIS 704 million. The company currently operates around 520 connected solar systems and is working on connecting an additional 75 megawatts. It is also developing 300 megawatt-hours of energy storage capacity and has installed approximately 1,520 photovoltaic systems totaling 132 megawatts for various clients, including private homes.
In 2025, Lanir reported revenues of NIS 60 million, a 7% increase from 2024, attributed to new systems connected to the grid. However, the company posted an annual loss of NIS 18.6 million, compared to NIS 10 million the previous year. Lanir faces a capital deficit of NIS 3.5 million, largely due to its subsidiary's financial situation, and negative working capital of NIS 26.6 million, primarily from short-term loans. Despite this, it generated positive cash flow from operations of NIS 19.6 million.
The IPO proceeds are earmarked for several purposes: up to NIS 110 million will fund equity components for ongoing projects, NIS 35 million will be used to acquire existing solar systems and establish data center operations, and NIS 20 million will go towards repaying existing loans and reducing leverage. The prospectus revealed that Lanir has received loans totaling NIS 9.4 million from 22 private lenders, with an average annual interest rate of 8%. Notably, over a third of these loans, NIS 3.7 million, came from eight family members of the controlling shareholders, including a NIS 370,000 loan from Dvir Carmon, the chairman's son and the company's operations manager, at a 10% annual interest rate. The company also increased interest rates to 11% on NIS 4 million in loans to dissuade lenders from converting debt to equity.
