Business in Brief: Ratio Petroleum Raises NIS 117m in First IPO of the Year on TASE

ICQ founder returns to the TASE; Afcon Holdings to construct 24-floor building for NIS 170 million in Bnei Brak; TASE shares end day higher, but Mylan bucks the trend.

Stock prices flash on an electronic screen displaying world clocks at the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on Thursday, Dec. 11, 2014.
Bloomberg

Ratio Petroleum raises NIS 117m in first IPO of the year on TASE

In the first initial public offering of the year on the Tel Aviv Stock Exchange, Ratio Petroleum has raised 117 million shekels ($30.8 million) to fund natural gas and oil exploration outside of Israel.

The public bidding phase for the company’s partnership units attracted 22 million shekels in bids on Monday. Ratio Petroleum is an affiliate of Ratio Oil Exploration, which holds a stake in the Leviathan natural gas site off Israel’s coast.

Following the IPO, Ratio Oil Exploration will hold a 20% stake in Ratio Petroleum and the Delek Group another 17.5%. Ratio Petroleum, which was founded in 2012, holds exploration licenses in Malta and Guyana and has an option for a license in Ireland and a joint production agreement in the Philippines. (Eran Azran)

ICQ founder returns to the TASE

Medipower, a real estate firm controlled by Yair Goldfinger, a co-founder of Mirabilis, which owned the ICQ instant messaging service, completed a 27 million shekel ($7.1 million) public share offering Monday to institutional investors.

Medipower, which is engaged in the ownership and management of real estate in the United States and Canada, particularly strip shopping centers, had been delisted from the Tel Aviv Stock Exchange after failing to meet the condition of having at least 15% of its shares publicly traded. The new offering values the company at about 140 to 150 million shekels at 4.61 shekels per share, just above the minimum 4.60 shekels. The public phase of the IPO is expected to follow shortly. Consummation of the offering is contingent on its completion of the IPO which may generate as much as 33 million shekels total. The money is to be used to acquire additional real estate in the United States.  (Eran Azran)

Afcon Holdings to construct 24-floor building for NIS 170 million in Bnei Brak

In another major project for the company, Afcon Holdings informed investors Tuesday that it had signed a 170 million shekel ($44.7 million) contract for the construction of a tower in the business center of the Tel Aviv suburb of Bnei Brak.

TheMarker has learned that it is being built for the privately held Allied real estate and automotive firm. The building is slated to be 24 stories tall and to contain 80,000 square meters (860,000 square feet) of space. Afcon shares closed 2.3% higher on Tuesday, closing at 137.40 shekels. (Uri Tomer)

TASE shares end day higher, but Mylan bucks the trend, dropping 4.2%

Shares closed generally higher on the Tel Aviv Stock Exchange Tuesday, although the communications index bucked the trend, slipping by 0.15% to 939.97 points.

The benchmark Tel Aviv 25 index rose 0.5% to 1,413.72 points while the Tel Aviv 100 rose 0.56% to 1,239.15. Trading volume was 1.37 billion shekels ($361 million).

Among shares of note, real estate firm Gazit Globe saw its stock rise 1.56% to 35.75 shekels on turnover of 62 million shekels, more than four times the daily average over the past month. This included a 30 million-shekel purchase by an Israeli institutional investor. Shares of drug maker Mylan dropped 4.24% to 133.30 shekels. (Omri Zerachovitz)