Idigital, an importer of Apple products in Israel, announced today (Tuesday) the completion of its initial public offering (IPO) on the Tel Aviv Stock Exchange, in which it raised NIS 150 million – half the amount to the company’s coffers and half to its owners, including the Sky Fund, and Partners of the Pitango Foundation and some of the Icon Managers.
From the updates she published IDigital (iDigital), issued under the name “Icon Group”, shows that the issue was completed at a company value of NIS 775 million “before the money”, as revealed in “Globes” last week, and is less than 20% of a value of NIS 1 billion. She aspired first, and according to which she hoped to raise about NIS 200-300 million.
Idigital is engaged in the import, distribution and sale of products Dark In Israel and provides official repair lab services for its products.
The company has enjoyed handsome growth in its activity in recent years, which shareholders have taken advantage of to sell a share of their significantly higher value holdings in which the company has been valued in private transactions in the past.
After a smooth IPO of Sky Foundation Icon Group will hold about 41% of the capital, six Pitango Fund partners will hold about 16% of the shares and the holding of its CEOs, Ayelet Tzarfati-Rosen and Roni Israeli will together amount to about 7% (French-Rosen’s main).
Leap in revenue and profit
The draft prospectus published by the company prior to the IPO revealed that in the first half of 2021, Idigital enjoyed an increase of more than 60% in its revenues, which reached NIS 712 million, along with a jump of almost 80% in net profit, which amounted to NIS 35 million. This is due to the continued increase “in demand for Apple products in all categories”.
Icon Group divides its activities into two sectors – the retail sector, where it offers Apple products and other manufacturers to end customers (private and business) through the Icon 18 chain of stores and a trade site, and the distribution sector, where it imports and distributes Apple products to retail chains, end stores And to Apple product marketers.
The company estimates that it will end the current year with revenues of NIS 1.35 billion – which will reflect a growth of about 40% compared to revenues in 2020, and with a net profit of about NIS 70 million – which reflects a jump of more than 60% compared to last year’s profits.
Last year, the company showed a similar direction in results, with a 20% climb in revenues, which reached NIS 970 million, along with a 10% improvement in net profit for that year, which amounted to NIS 43 million.