Carrefour Israel Plans November IPO Amid Sharp Chip Stock Gains in New York

Carrefour Israel is preparing for an initial public offering in November, aiming to raise approximately 350 million shekels with a valuation of around 900 million shekels. The offering is being led by Phoenix Underwriting and IBI. To avoid creating an additional prohibited tier in the corporate pyramid, the Zelkind family, current controlling shareholders, is considering distributing their remaining Carrefour shares as an in-kind dividend to Electra Consumer shareholders.

Following significant gains in semiconductor stocks on Wall Street, the Tel Aviv Stock Exchange is poised for opening after a strong performance yesterday. The TA-35 index rose 1.4%, driven by chip companies, while the TA Security Index jumped 3.1%, with Next Vision up 3.6%. Tower Semiconductor surged 6.4%, and Camtek increased 4.4%. The oil and gas index also climbed 1.5%, mirroring global trends. Conversely, Electra Real Estate fell sharply by 12.1%, with its controlling shareholder Alco losing 4.2% after announcing a discounted share issuance. Mega Or declined an additional 5.3% following a 6% drop the previous day.

In global news, the US completed another round of strikes in Iran overnight. The Tel Aviv Stock Exchange will operate as usual today but will be closed tomorrow for the Tisha B'Av holiday. Seoul's stock market surged 5% this morning, while major Wall Street indices rose up to 1.3%, led by semiconductor stocks.