King Store Supermarket Chain Explores IPO on Tel Aviv Stock Exchange

King Store, a supermarket chain owned by the Moshedawi family, is considering going public on the Tel Aviv Stock Exchange next year. This potential move follows news that another supermarket chain, Kashet Te'amim, is preparing for its own initial public offering, with an estimated valuation of approximately 1 billion shekels.

King Store CEO Majdi Katanani expressed optimism about the IPO during a press conference marking the launch of the chain's flagship store in Rosh Ha'ayin. The company has invested 10 million shekels in renovating and upgrading its oldest branch in the Lev Ha'aretz industrial zone in Rosh Ha'ayin, transforming it into its Israeli flagship store. The 6,500 square meter store features a new design and offers a wide variety of food and household products at competitive prices, including a significant selection 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 recently expanded to include locations in Be'er Sheva, Rosh Ha'ayin, and Tel Aviv. In 2017, Phoenix Insurance acquired a 20% stake in the company for approximately 40 million shekels.

This is not the first time King Store has considered a stock market debut. About three years ago, Katanani discussed plans for an IPO, stating that the company had a professional management team and the support of its partner, Phoenix, to achieve its growth ambitions.

Kashet Te'amim CEO Keenan Maman confirmed that his company is in the very early stages of assessing its readiness for an IPO, aiming for a valuation of around 1 billion shekels, though the timing remains uncertain.