Will the decline in IPOs in 2022 hurt revenue
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the stock exchange? No. A 20% decline in the volume of IPOs in the first quarter also did not hurt the results. In its results for the first quarter of 2022, the stock exchange presented a strong report with a 25% increase in revenues to NIS 97.7 million, compared to 78.3 million in the corresponding quarter, with the significant reason for the increase in registration fees and fees, which increased by 51% to NIS 24.7 million. Compared to NIS 16.4 million last year, which now constitutes over a quarter of the stock exchange’s total revenue.
Itai Ben Zeev, CEO of the TASE, said in the light of the reports: “We are opening the first quarter with strong results and a record record in revenue, reflecting continued growth and growth in all areas of the TASE’s core business. The stock exchange continues, especially at this time, to serve as a significant source of capital for local companies with a total of NIS 7.5 billion raised in the stock market, including for 8 new companies that issued for the first time and demonstrated strength in relation to high volatility and declines in most leading markets.
The company also stated that following its announcement in March of its intention to formulate a plan to repurchase the company’s shares in the amount of up to NIS 100 million and for a period of up to two years (ie to reduce its number of shares in the market). A first purchase plan of up to NIS 36 million for a period of about six months. The purchase will be made by an outside broker, who is not affiliated with the company.
In terms of the company’s cash flow, there was an increase in cash and cash equivalents in the amount of NIS 33.3 million, compared with NIS 24.7 million in the corresponding quarter.
The value of the company’s market today stands at NIS 1.52 billion after the stock closed today at a price of NIS 14.86, 25% below the peak of 2022 recorded at the end of January (NIS 20.18). The stock has fallen 35% in the last 12 months.
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