Stock Exchange (Magma Images)
House and roof company (symbol BVGG), One of the oldest and leading companies in Israel in the field of urban renewal that promotes 47 projects in areas of demand in Israel, reports that the company’s shares will begin trading today (Thursday) on the Tel Aviv Stock Exchange.
This week, Beit VeGag raised a gross amount of NIS 78 million, in an IPO carried out in the program of a non-uniform offer, in which institutional entities and hedge funds in the country invested in the company. The offering was led by Zvika Mans and his team at Barak Capital Underwriting, as well as Ofer Greenbaum and his team atTHERE Underwriting and issues. The issue funds will support the continued implementation of the company’s growth strategy, the realization and increase of the backlog of projects.
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The house and roof have an estimated revenue turnover of NIS 278 million in 2021. The company has completed 14 projects in the amount of 376 units, and is in the process of establishing 7 projects in the amount of 350 units as well as in the advanced planning procedures of 4 projects in the amount of 140 units.
In addition, promotion to the execution of 22 projects with signed agreements totaling 1,800 housing units and a future accumulation that includes thousands of housing units in earlier stages that provide a stable and long-term business horizon for the company.
Prior to the IPO, the company completed a structural change transaction in which 99.46% of the investors’ rights in the home and roof fund and the rights of the developers in the management company were transferred to the company in exchange for shares, with the company continuing to promote existing partnership projects and future projects.
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Following the success of the offering, House and Roof will work to locate investments in urban renewal projects in high demand areas as well as to locate and initiate large and complex projects that will combine a mix of residential, commercial and employment uses. Among the largest shareholders in Beit VeGag: the Phoenix Group (30.77% fully diluted), Poalim Equity (7.37%) and Mivtachim Veteran Pension Fund (7.25% fully diluted).
Beit Vagag CEO Ronen Akavia said, “We have completed a precedent-setting move in Israel of turning an entrepreneurial fund in the field of real estate into a company and issuing it on the stock exchange. We have won the trust of veteran investors , We will work to implement and accelerate the growth strategy in the Israeli real estate market. Home and Roof promotes a large number of projects, and the funds raised greatly strengthen the company’s economic strength and its ability to continue to lead urban renewal, which is considered one of the fastest growing areas in the real estate market in Israel. “The company and our many partners are on the move. We are committed to promoting the company and bringing value to its shareholders.”
The offering was accompanied by Uri Cohen and Shai Tzadok from the Cognom Economic Consulting firm, Adv. Ran Shalom and his staff from the law firm Agmon & Co. Rosenberg Hacohen & Co., CPA Chai Legziel and his team from the accounting firm KPMG Somekh Chaikin, and CPA Yaniv Hertz – the tax advisor.
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