IPO on the Tel Aviv Stock Exchange (TASE)

Capital Markets

In the last 25 years our law firm's leading team has specialized in high-profile practice in the field of securities and the capital markets. The firm is permanently ranked as one of the leading law firms the in this sector, and is known for leading the most complex deals and public offerings. Our lawyers are experienced in a range of skills working with the Israel Securities Authority (ISA), Tel Aviv Stock Exchange (TASE), major players in the capital market, underwriters, investment houses and banks. The firm also works with leading international investment banks in obtaining financing, managing IPO's (including on AIM and other foreign stock) and similar other services as clients may require.


IPO and secondary Public Offerings

Israeli Securities Law provides that an offering of securities to the public can only be made pursuant to a prospectus approved by the Israeli Securities Authority (ISA - the "Israeli SEC"). In addition, the listing of securities on the Tel Aviv Stock Exchange (TASE) requires the approval of the Stock Exchange. The preparation and writing of a prospectus requires special expertise and thorough knowledge of the Israeli securities laws and regulations. Very few law firms deal with this subject as any mistake and/or inaccuracy may not only result in severe civil actions but also with criminal proceedings. We are one of the few law firms in Israel that can provide you with this complicated service based on many years of experience in this field. Every year we are taking public several companies whether as an IPO or secondary offering. For several consecutive years, we are rated by D&B as one of the leading law firms in Israel in this field in their annual Dun's 100 publication. Moreover, we are the leading law firm in Israel in public offerings of oil and gas partnerships, representing the majority of the oil and gas partnerships traded on the Tel Aviv Stock Exchange.

Shelf Offerings on the Tel Aviv Stock Exchange (TASE)

In 2005 the Securities Law has been amended to allow for a "shelf prospectus" which is valid for 24 months after its approval by the Israel Securities Authority. This is a prospectus prepared and approved in the normal procedure but remains valid for 24 months. A company having a shelf prospectus may issue securities to the public several times based on the shelf prospectus by filing a "shelf offering report" which does not require an approval of the Israel Securities Authority. This procedure enables a company having a shelf prospectus to raise money from the public by issuing debt or equity in a quick process. We are assisting our clients in drafting and approving shelf prospectuses and thereafter in raising funds on the Tel Aviv Stock Exchange (TASE) through shelf offering reports.


Company Secretary and Filings with the TASE / ISA

Israeli Securities laws require that following an IPO a company whose shares are traded on the Tel Aviv Stock Exchange (TASE) shall give various reports (filings), including immediate reports, quarterly financial reports and annual reports. In addition, a public or traded company must report on various other important matters relating to its business, controlling shareholders, interested party transactions and any change in their holdings of the company's securities. Our lawyers in Israel advising and assisting the clients in preparing and filing these reports and meeting all other requirements of a publicly traded company under the securities laws and regulations.


Private Placements

In the event a company is interested in raising funds from private investors and the transaction is not deemed as a public offering (less than 35 offerees), we will advise and assist our client in preparing a private placement memorandum, including all associated annexes which enable the client to raise funds from investor for various business purposes. We have extensive experience in drafting and negotiating private offerings over many years of practice. Our experienced team will provide our client with a comprehensive package, including, drafting the relevant agreements and documents, advising on the preferred tax structure, including cross border tax planning and formation of the relevant entities, including off shore companies.