Real estate developer Hagag Development Europe was successfully listed on the Tel Aviv Stock Exchange, following an initial public offering for 25 percent of its shares, through which the developer attracted funds of approximately €28 million. The company’s anticipated capitalization reached a value of over €112 million after the raise.
During the active period, August 22nd – 24th, 2021, the offer was oversubscribed by institutional and retail investors, indicating a considerable interest in the company and its Romanian projects. When completed, the final price per share was set to ILS 1,099 (RON 1.45).
Hagag Development Europe officials together with the Tel Aviv team opened yesterday, October 24th, 2021, the trading day on the Tel Aviv Stock Exchange by participating, as a guest of honour, in the emblematic Opening Bell Ceremony, thus officially joining the TASE family.
“We have first opened the Romanian market to Israeli investors in 2018 with the launch of our corporate bonds IPO, but joining TASE as a public traded company offers us considerable exposure to international investors through the global offer. Our plans for Bucharest are very ambitious and we intend to further strengthen our local presence both in terms of portfolio and the market segments we are operating on. I am positive that the capital raised so far and the actual access to the international capital market will support our strategy and help us in expanding the volume and dimension of our future projects,” said Yitzhak Hagag, Co-founder and shareholder at Hagag Development Europe.
The company started trading on August 25th 2021, under the stock symbol HGGE. In just two months since the listing shares price has increased by 43 percent, currently exceeding ILS 1,470 (1.95 RON).