Hamashbir completes first stage of IPO

According to the company, the sale was oversubscribed as investors had sought to purchase NIS 140m. of securities.

After operating as a privately-owned company for more than 60 years, the retail chain Hamashbir Lazarchan Israel Ltd., announced on Monday it is has successfully raised some NIS 80 million from institutional investors in the first stage of its initial public offering of stocks and bonds and hopes to raise the remaining NIS 20m. within one week. According to the company, the sale was oversubscribed as investors had sought to purchase NIS 140m. of securities.