The shares were issued at a price of NIS 3.45 per share, a discount of about 5% on the closing price of the share on August 5. At the same time, approximately 5.23 million options were issued, at an exercise price of NIS 4.4 per share, and they can be exercised for 3 years from the date of their issue. The offering was led by underwriter company Volio Base.
In total, Rani Zim Shopping Centers issued investors about 8.72 million shares, a share of 6.3% of the company’s capital after the issue. In the event of the options being exercised, the investors’ holding rate will increase to 8.9%. The Phoenix Group was the largest investor in the offering (approximately NIS 22 million), and will subsequently become a stakeholder in the company with a holding of approximately 5.92% of the capital – if it exercises the options, its holding will increase to 7.72%. The holding of the controlling shareholder in the company, Rani Zim, will stand at 64.6% after the IPO and will decrease to 59.3% of the capital in the event of the exercise of the options.
Zim Holdings Group was established in the late 1990s by Rani Zim (Rani Zim Holdings Group), and currently operates in the field of commercial real estate through Zim Urban and in the field of retail through Office Depot. Rani Zim, CEO of the company, stated that ” The development of the Ganei Tikva commercial complex, the facelift of a property we purchased in the Galilee landscape, the establishment of a branch for Osher Ad in Kfar Saba and the beginning of the construction work of the commercial center in Tira. ”