Brenmiller Energy raises NIS 44m in institutional IPO

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Trading in the company’s shares is scheduled to begin next week.

Startup Brenmiller Energy yesterday took an important step towards the Tel Aviv Stock Exchange (TASE) by completing the part of its offering for financial institutions. The company raised NIS 44 million at the minimum price of NIS 17 per share set in the tender, at a company value of NIS 150 million, before money.In the public stage, which will take place next Wednesday, the company will attempt to raise NIS 16 million more, and trading in Brenmiller’s shares is slated to begin next week. Leumi Partners Ltd.and Epsilon Investment House Ltd. led the offering.

As part of the offering, company founder and owner Avi Brenmiller will convert a NIS 124 million owner’s loan he granted to the company into capital (one share), subjection to completion of the issue on the way to becoming a public company. Before the issue, Brenmiller Energy has a NIS 117 million equity deficit.

Read More: http://www.globes.co.il/en/article-brenmiller-energy-raises-nis-44m-in-institutional-ipo-1001199388