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  Companies
Table of contents
  • Listing Procedures (excluding R&D companies)
  • Public - Float Rate in a New Company (excluding R&D companies)
  • Minimum Distribution
  • Lock-up Rules for Shareholders of a New Company (all companies)
    •
     

    The TASE’s listing rules and regulations set forth the criteria, which a new company must fulfill, such as shareholders’ equity, public float, and minimum distribution of its securities. The objective of the rules is to ensure a minimum level of potential liquidity for the securities after the IPO. The rules also establish a lock-up period after the issue for share holders prior to the IPO.

    Under the Securities Law, companies are required to have one type of shares.

    Listing Procedures (excluding R&D companies)

     

    Companies interested in an IPO must at least comply with the criteria under one of the alternatives in the following table (numbers are in NIS millions):

     

    Procedure 1

    Procedure 2

    Procedure 3

    Shareholders’ equity after listing

    25

    35

    -

    Public-float value

    20

    30

    80

    Period of activity

    12 months

    12 months

    -

    Added value in the 12 months
     preceding listing

    4

    -

    -

    The value of the public float which is derived from the shares issued to the public according to the offering prospectus on which the company's application for listing is based

    20 (3)

    20 (3)

    80

    Value of the company’s shares

    -

    -

    200

    Definitions – listing criteria

    1. Shareholders’ equity after listing:

    A.      Shareholders’ equity before listing

    B.     Plus: net offering funds from shares and warrants 

    2. Added value: Profit (loss) before taxes, plus payroll expenses, depreciation, and financing expenses, deducting financing income.

    3.   Does not apply to companies for which the public float equals or exceeds NIS 40 million.

     
    Public - Float Rate in a New Company (excluding R&D companies) 

    The public-float rate in a new company must be no lower than one of the following alternatives.

    When the public float value (in NIS millions) is greater than...

    The public float rate (%) must be at least...

    20

    25.0

    30

    20.0

    40

    15.0

    50

    10.0

    200

    7.5
    Minimum Distribution 

    To comply with the minimum distribution of public holdings, companies must meet the following conditions:

     

    Type of security

    Minimum number of holders

    Minimum value of holding per holder

    Shares

    100

    NIS 16,000

    Convertible Bonds

    100

    NIS 16,000

    Bonds

    35

    NIS 200,000

    “Holder” – a holder that exceeds the minimum required holding value per holder as listed in the table; or a holder with others, whose joint holdings exceeds the minimum holding value per holder.

    Lock-up Rules for Shareholders of a New Company (all companies)

     

     

     

    Blocking period

    Earliest date of sale on the TASE

    Monthly percent for sale

    Major Shareholders

    18 months

    After 3 months

    2.5%

    Other shareholder

    9 months

    After 3 months

    12.5%

    1. During the lock-up period the shares may be sold via a tender offer.
    2. Three months after the listing date and until the end of the lock-up period, the percentage noted above of the shares subjected to the lock-up period at the IPO date may be sold by each shareholder.
    3. Six months after the listing date, shares subjected to the lock-up period may be sold in an off-market transaction, with the buyer undertaking the remaining blocking period.
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