Parent Company of Uzi Submachine Manufacturer Plans Tel Aviv IPO

SK Group has a portfolio of security- and defense-focused subsidiaries with combined annual revenue of about 2 billion shekels

Eran Azran
Reuters
SK Group's Samy Katsav
SK Group's Samy KatsavCredit: David Bachar
Eran Azran
Reuters

SK Group, a defense holding company whose subsidiaries include the maker of the iconic Uzi submachine gun, is planning an initial public offering for trading on the Tel Aviv Stock Exchange at a company valuation of at least 2 billion shekels ($565 million).

The Uzi gun, designed in the early 1950s by Uzi Gal, was viewed as revolutionary in design, with the magazine contained within the handgrip, its overall length reduced with a snub nose and fold-away stock.

The company is drawing up a draft prospectus and meeting with potential underwriters but no other details of the offering have been determined. Sources say controlling shareholder Samy Katsav would sell from 25% to 30% of the company in the market.

SK Group has a portfolio of security- and defense-focused subsidiaries with combined annual revenue of about 2 billion shekels.

Its chief units include Israel Shipyards, one of the largest shipbuilding and repair facilities in the eastern Mediterranean, and Israel Weapon Industries, which manufactures the Uzi.

In May, IWI opened a small-arms manufacturing facility in the Indian state of Madhya Pradesh, as part of a collaboration with Indian engineering group Punj Lloyd.

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN

ICYMI

Yair Lapid.

Yair Lapid Is the Most Israeli of All

An El Al jet sits on the tarmac at John C. Munro International Airport in Hamilton, Thursday, in 2003.

El Al to Stop Flying to Toronto, Warsaw and Brussels

An anti-abortion protester holds a cross in front of the U.S. Supreme Court in Washington, D.C.

Roe v. Wade: The Supreme Court Leaves a Barely United States

A young Zeschke during down time, while serving with the Wehrmacht in Scandinavia.

How a Spanish Beach Town Became a Haven for Nazis

Ayelet Shaked.

What's Ayelet Shaked's Next Move?

A Palestinian flag is taken down from a building by Israeli authorities after being put up by an advocacy group that promotes coexistence between Palestinians and Israelis, in Ramat Gan, Israel earlier this month

Israel-Palestine Confederation: A Response to Eric Yoffie