Tnuva Prepares for 2027 IPO at $3.5 Billion Valuation

Israeli food giant Tnuva is renewing preparations for a public offering, with the company beginning to draft a new prospectus in recent weeks for a potential IPO in the second half of 2027. The law firm Meitar is handling the prospectus preparation, and Tnuva plans to meet with leading underwriters soon. While the board has not formally decided, management has initiated the process with its Chinese and kibbutz shareholders.

The company, owned by China's Bright Food (76%) and the Kibbutz Movement's purchasing organizations (24%), aims for a valuation of approximately 13 billion shekels ($3.5 billion) in the offering. This is an increase from a previous target of around 10 billion shekels for a planned 2025 IPO. The higher valuation is attributed to improved company performance and the recent launch of a new line of dietary supplements.

In April 2026, Tnuva had halted its IPO process due to business environment changes and dairy market reforms. The company is now moving forward, with shareholders potentially selling some of their stakes. Bright Food acquired its controlling stake in Tnuva in 2015 for 8.6 billion shekels.

Recent strategic moves by Tnuva include a 600 million shekel investment plan, featuring a new logistics center in Netivot, relocating the Ma'adan poultry factory, and installing new milk processing machinery. The company also recently launched its HOLIS brand in the dietary supplement market, focusing on microbiome research and offering 11 products across nine categories.

Tnuva's revenue has grown consistently, nearing 10 billion shekels, partly due to increased food consumption during recent conflicts. Its EBITDA rose to approximately 1.22 billion shekels. The company processes about a billion liters of milk annually and also produces milk alternatives, frozen meats, and frozen vegetables under brands like Alter-Milk, Maadan, Adom Adom, and Sanfrost.