Importer Kristalino Eyes $250 Million IPO on Tel Aviv Stock Exchange
Kristalino, an Israeli import and trade company co-owned by the Elbaz family and Rekia Capital, is reportedly planning an IPO on the Tel Aviv Stock Exchange. The company aims for a valuation of NIS 800 million to NIS 1 billion and seeks to raise approximately NIS 200 million to fund expansion. Founded almost 50 years ago, Kristalino has diversified from jewelry into electronics, electric vehicles, and air conditioning. This move follows a strong year for IPOs in Israel, though the market has recently cooled.
הידיעה ב-6 שורות · תקציר של baba
- Kristalino, an import and trade company, is considering an IPO on the Tel Aviv Stock Exchange.
- The company aims for a valuation between NIS 800 million and NIS 1 billion.
- Kristalino plans to raise approximately NIS 200 million to expand its operations.
- The company is co-owned by the Elbaz family and Rekia Capital.
- Kristalino imports and markets electronics, electric vehicles, and other goods.
- The IPO is proceeding despite a recent cooling of the IPO market.
Kristalino, an import and trade company, is reportedly considering an initial public offering (IPO) on the Tel Aviv Stock Exchange. The company is aiming for a valuation between NIS 800 million and NIS 1 billion (approximately $215 million to $270 million) before raising capital. Kristalino plans to raise around NIS 200 million ($54 million) through the IPO, with most of the funds intended to expand its ongoing operations. A portion of the offering will also involve a sale by existing shareholders. The IPO is being managed by the underwriting firms of Harel Insurance, Leumi Partners, and IBI.
Kristalino, co-owned by the Elbaz family and Rekia Capital (50% each), was founded nearly 50 years ago by businessman Haim Elbaz, initially as a jewelry company named "Fine-gold." In recent years, it has diversified into importing and retail across various sectors, including home electronics, jewelry, sports equipment, and electric transportation. The company's primary business involves importing and marketing products from Chinese electronics manufacturer Dreame, such as vacuum cleaners, kitchen appliances, laundry machines, and air purifiers. It also imports and markets electric two-wheeled vehicles under the XI Mobility brand and has a smaller operation selling Swarovski jewelry. Additionally, Kristalino imports home electronics under its private labels and recently integrated the "Family" air conditioning business, acquired by Rekia Capital in 2022.
Kristalino's annual revenue is estimated to be between NIS 600-700 million (approximately $160-190 million), with a particularly high profit margin, following years of double-digit annual growth. The potential IPO is seen as a significant value realization for its main shareholders, Rekia Capital and the Elbaz family. Last year, Rekia Capital acquired a 50% stake in Kristalino from the Elbaz family for an estimated NIS 500 million ($135 million).
The IPO comes amid a cooling IPO market in Tel Aviv, following a strong start to the year with 21 new companies listing and raising NIS 33 billion ($8.9 billion). Despite the market slowdown, several other companies are still pursuing public offerings, including infrastructure firm Y.D. Barzani, energy companies Shamir Energy and Afcon Energy, retail chain Carrefour, fintech company Bridgewise, and defense laser manufacturer Sivan.
מוזכרים