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Apax-backed Tnuva eyes Tel Aviv IPO

19 Mar 2014

israel_flarground_170sqPrivate equity-backed Israeli food maker Tnuva is reportedly preparing for an IPO on Tel Aviv’s stock exchange.

The company, which is backed by private equity firm Apax, will file a prospectus with the Israel Securities Authority in the coming days, said Reuters, citing a market source in Tel Aviv.

The IPO is expected to include new shares equal to a ten per cent stake in the company and a further 15 per cent currently held by Apax, according to the report. The British private equity firm currently owns 56 per cent of the company.

It added that Apax is currently in talks to sell its stake in Tnuva to China’s Bright Food Group.

Last December reports said that Apax was looking to raise up to $300m for an Israel-focused buyout fund.

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