As the wave of flotations on the Tel Aviv Stock Exchange (TASE) intensifies, estimates are that in the coming weeks, Tidhar Group, Israel’s biggest privately-held real estate, construction and engineering company, will hold its IPO. Tidhar will reportedly seek to raise NIS 1.5 billion at a company valuation of NIS 7-7.5 billion, before money, which would make it the biggest TASE IPO over the past decade.
Tidhar is expected to embark on a "roadshow" next week, in which the company's activities will be presented to institutional investors, at the end of which the final valuation will be set. There are market players who believe that Tidhar will not compromise on the valuation it seeks, and if it is unable to obtain the amount, the company may abandon the move. Market sources believe that almost the entire amount raised in the IPO, led by Leader and Discount underwriters, will flow into the company's coffers.
Tidhar had estimated annual revenue of about NIS 3 billion in 2025, and net profit of about NIS 250 million. Equity is estimated at NIS 2.75 billion, so if the company is issued at a valuation of NIS 7 billion, it will begin trading at a multiple of 2.5 on capital, a figure similar to that at which other large companies in the industry are traded.
Tidhar's IPO is coming at a time when TASE indices are at record levels. The blue-chip Tel Aviv 35 index has risen by over 70% in the past year, while shares of residential real estate developers have risen by only 45%. This is due, among other things, to continued declines in home sales in the past year, due to high interest rates and the end of financing deals.
The owners who will become billionaires
While the IPO will likely not include a secondary offering by existing shareholders, it will create tremendous value for Tidhar’s three controlling shareholders - the company's two founders, Arie Bachar and Gil Geva (who serves as chairman), who each hold about 28.3% of the shares, and the same percentage is also held by their longtime partner, US businessman Mark Weissman, who invested in Tidhar over 20 years ago. If the IPO is completed at a valuation of NIS 7 billion, each of the three will hold shares with a market value of about NIS 2 billion. Harel with a 15% stake will hold shares worth NIS 1.05 billion.
Published by Globes, Israel business news - en.globes.co.il - on May 11, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
