King Store Supermarket Chain Considers IPO on Tel Aviv Stock Exchange

King Store, a supermarket chain owned by the Moshedawi family, is exploring the possibility of going public on the Tel Aviv Stock Exchange next year. This potential move follows news last week that the Keshet Tayamim supermarket chain is also preparing for an initial public offering, with an estimated valuation of approximately 1 billion shekels.

King Store CEO Majdi Katanani announced the company's intentions during a press conference celebrating the launch of its flagship store in Rosh HaAyin. The newly renovated store, located in the Lev Ha'aretz industrial zone, represents a 10 million shekel investment and spans 6,500 square meters. It features a new design and offers a wide selection of food and household products at competitive prices, including a variety of Arab cuisine items, dairy products from the Galilee, baked goods, spices, and local delicacies.

Founded in 2010, King Store currently operates 30 branches across Israel. Initially focusing on northern Israel and the Arab community, the chain has expanded in recent years to include locations in Be'er Sheva, Rosh HaAyin, and Tel Aviv. In 2017, The Phoenix insurance company acquired a 20% stake in King Store for approximately 40 million shekels, provided through a combination of loans and shares.

This is not the first time King Store has considered a stock market debut. CEO Katanani previously discussed plans for an IPO about three and a half years ago, expressing confidence in the company's professional management and its partnership with The Phoenix. He stated that the company is making significant strides toward becoming a major player in the market.

King Store's potential IPO comes as Keshet Tayamim is also in the early stages of preparing for its own public offering. Keshet Tayamim CEO Kenan Maman indicated that the company is assessing its readiness for an IPO, though the timing remains uncertain. The supermarket sector in Israel has seen increased sales recently, with most chains reporting growth except for one.