State-owned Arms Maker Rafael Planning to Sell 20% Stake via IPO

Government wants to boost revenue by selling shares in the company, which reported a $101 million net profit for 2013.

Rafael Advanced Defense Systems is in discussions with the Finance Ministry and the Government Corporations Authority on a plan to sell a 20% stake in the state-owned defense firm in an initial public offering, its chairman, Itzhak Gat, said on Wednesday.