The management of Manif Financial Services opened trading yesterday on the occasion of the issuance of the company’s shares (IPO) on the stock exchange.
Manif is one of the 3 new companies that joined the financial services industry on the stock exchange during 2020, an industry that includes 24 companies with a total value of approximately NIS 20 billion.
Manif is engaged in providing financing to developers in the construction industry, with the main financing being the completion of the equity required for developers for the purpose of obtaining bank support for projects in the field of construction.
The company was incorporated in 1999 and to date has been involved in financing hundreds of construction projects.
As of September 30, 2020, Manif’s credit portfolio is distributed among about 60 different projects and amounts to about NIS 812 million.
The company has a dividend distribution policy at a rate of 50% of the company’s profits each year.
The company issued shares to the public in a non-uniform offer, for about NIS 200 million, at a company value of about NIS 642 million.
The company’s share is expected to enter early March 2021 as part of the fast track for new companies, the stock exchange indices – SME-60, SME-150, Tel Aviv Finance and Tel Aviv Insurance Plus.
Maor Duak, CEO of Manif, said that: “We are very proud and excited to start trading on the Tel Aviv Stock Exchange. The IPO is an expression of confidence for us in the Israeli market.
The IPO gives the company a growth horizon in profitability and scope of operations and will enable the company to provide a broader response to its customers and the needs of the real estate industry, including larger projects and more complex financing.
Yamit Zohari, an economist at the IPO unit at the stock exchange, said that: “The Tel Aviv Stock Exchange, as the home of the Israeli economy, is home to Israeli companies seeking to grow and develop in Israel.
In the past year, 30 new companies have joined the stock exchange, and from the beginning of 2021 until today, 8 new companies have joined. We believe that we will continue to see more new companies and from a variety of sectors in the economy this year, joining the Tel Aviv Stock Exchange, and using the stock exchange platform to raise capital and an engine for their growth, both for the benefit of the Israeli economy and the investing public. We wish the company success and that it will continue to grow and enable the financing of real estate projects in the State of Israel. “