www.bethelfinance.com
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, completed the public phase of its share offering, in which it planned to raise a total of NIS 250 million in order to improve the group's liquidity. In fact, yesterday's institutional offering raised NIS 286 million, and the public offering added a further NIS 35 million, to give a total of NIS 321 million.
This is an impressive achievement, considering the dearth of equity offerings and the liquidity position of the issuer, IDB. Dankner's widespread connections in the local and international markets clearly aided the move.
The rise in the public holding in IDB Holding Corp. as a result of the offering will help it to return to the Tel Aviv 100 list.
The offering was made in order to enable IDB to meet its liabilities to bondholders. The company needs external sources amounting to NIS 250 million by June this year. Subsidiary IDB Development needs more than NIS 1 billion to meet its obligations this year.
"Dankner himself and his sister Shelly Bergman made orders totaling NIS 20 million in equal shares. Dankner's partners in the controlling interest in IDB, the Livnat family, Yitzhak Manor, and Jack Schimmel, ordered NIS 20 million, NIS 10 million, and NIS 10 million respectively: said Mr. Cedric Marmet from Bethel Finance Ltd.
Among the banks that participated in the offering, Goldman Sachs ordered NIS 20 million, Citi NIS 10 million, and Deutsche Bank NIS 9 million. Morgan Stanley made do with NIS 5 million, while the player that invested the most in the offering, NIS 38 million, was private equity fund Renaissance.
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