Orda Print Cancels IPO Amid Local Market Downturn and Investor Caution
Orda Print, controlled primarily by the Vengerovsky family (72%) and insurance company Phoenix (20%), has decided to withdraw its planned initial public offering (IPO) on the Tel Aviv Stock Exchange. The decision follows recent sharp declines in the local stock market, which have cooled investor appetite for new listings. In June, the Tel Aviv market experienced its worst month in two and a half years, with leading indices dropping up to 11%, partly due to progress in a US-Iran war-ending agreement.
Orda had filed a prospectus in May aiming to raise approximately 90 million shekels by offering 10% of its shares at a pre-money valuation of about 880 million shekels. The IPO would have significantly increased the value of Phoenix’s 20% stake, purchased last year for 100 million shekels at a 400 million shekel valuation. The Vengerovsky family, which regained control after the company’s shares were delisted in 2014 due to low public holdings, would also have benefited from the offering.
The company, led by CEO Roni Haliva for 17 years, operates in three main sectors: data production, packaging solutions, and commercial printing. It provides software for customer communication management to various clients, manufactures folding carton packaging mainly for industrial, food, pharmaceutical, and cosmetic companies, and offers printing services for books, magazines, catalogs, and forms. In 2025, Orda reported revenues of about 260 million shekels, a 6.5% increase from the previous year, and net profits rose by 9% to approximately 45.6 million shekels.
The IPO withdrawal reflects a broader trend of companies reassessing public offerings amid market volatility. Other firms that submitted prospectuses in May, such as Avissaror real estate and pharmaceutical company Rafa, are still considering their options. Industry insiders note that institutional investors now demand discounts reflecting recent market declines, causing many IPOs to be put on hold.
Previously, Aviv Real Estate canceled its IPO after failing to meet its 1.5 billion shekel valuation target and opted for debt financing instead. The market’s current uncertainty has led to a pause in new listings as companies await clearer signals on market direction.
