Rep Energy, a power and infrastructure company wholly owned by Rep Public, has filed a prospectus for an initial public offering on the Tel Aviv Stock Exchange at an estimated valuation of NIS 1.3 billion to NIS 1.5 billion. The offering is being led by the underwriting firms Value Base and Rosario, and the company expects to raise NIS 350 million to NIS 450 million.
All of the IPO proceeds are expected to go into Rep Energy’s coffers, where they will be used as equity for projects it is developing. In addition, about NIS 50 million is expected to be used to repay loans provided by the parent company, Rep Communications, some of which are scheduled to run for 10 years.
Rep Energy was founded in 2021 as the infrastructure arm of Rep Public, which is controlled by businessman Oren Tanhum with a 50.3% stake. The company generates electricity in Israel through renewable-energy projects and conventional power plants. Its renewable portfolio includes photovoltaic projects with 103 megawatts of capacity, projects under construction with an expected 421 megawatts, and storage projects with 83.5 megawatt-hours of capacity. Last year it bought Synergy’s operations for NIS 230 million.
In conventional generation, Rep Energy holds stakes in two natural-gas power plants, MRC in Alon Tavor, where it owns 17%, and Reindeer in southern Sharon, where it owns 25%. For the parent group, the planned float could crystallize significant value, because Rep is currently traded at about NIS 1.25 billion, below the valuation targeted for the subsidiary.
Rep also owns 52% of the public company Elmor Electric, which builds and maintains electricity and energy facilities, and it has advisory and representation businesses. Separately, the company said last week that while preparing its first-quarter results it found issues that required a correction, cutting net profit by about NIS 20.5 million. After discussions with the Securities Authority and a review tied to its acquisition of Synergy Energy, it adjusted deferred tax assets against goodwill and reversed recognized deferred tax income. As a result, reported 2025 net profit fell from NIS 24.1 million to NIS 3.5 million.
