Business Services Industry

Africa Israel IPO upcoming. (Africa Israel Investments; initial public offering of stock)

Israel Business Today, October, 1994

Africa Israel Investments plans to raise $100-$150 million outside of Israel and an addition $50 million within Israel in offerings to be held in November. Until now, Africa Israel shares have only been traded on the Tel Aviv Stock Exchange; following the offerings, they will be traded in New York as well. Morgan Stanley Investment Bank will be the lead underwriter and Smith Barney and Lehman Brothers will be secondary underwriters. Africa Israel will be raising the largest amount of money in Israel's history. In the next couple of years, the company plans to invest $160 million of the funds raised in building 120,000 square meters (1.29 million square feet) of income yielding properties throughout Israel.

Tel Aviv-based Africa Israel Investments Ltd is a...

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