Israel's Enlight Renewable Energy files to list in US

Israeli renewables developer Enlight Renewable Energy Ltd (TLV:ENLT), which is already listed on the Tel Aviv Stock Exchange, has filed for an initial public offering (IPO) in the US, seeking to also trade its shares on Nasdaq.

The terms of the planned floatation have not been decided yet. The Rosh Ha’ayin-headquartered firm has only set a placeholder amount of USD 100 million (EUR 91.8m) for the offering at this stage of the listing process.

The company will be targeting gross proceeds of more than USD 200 million, according to Israeli daily business newspaper Calcalist.

The proceeds from the IPO will be used to fund the equity requirements for the company’s advanced development projects and for working capital and general corporate purposes, the prospectus says.

Shares in the Israeli wind and solar energy projects developer last traded 5.86% lower at ILS 707 in Tel Aviv, implying a market capitalisation of about ILS 7.18 billion (USD 2.11bn/EUR 1.94bn).

J.P. Morgan Securities LLC and BofA Securities Inc have been tapped as the representatives of the underwriters for the IPO.

Set up in 2008, Enlight develops utility-scale renewable energy projects and operates across 11 countries. Its portfolio comprises about 17 GW of generation capacity and about 15.3 GWh of energy storage capacity.

Some of the major shareholders of the Israeli firm include local financial services and insurance companies, such as Migdal Insurance and Financial Holdings Ltd, Harel Group, Clal Insurance Enterprises Holdings Ltd and The Phoenix Holdings Ltd, among others.

(USD 1 = EUR 0.918)

(ILS 10 = USD 2.939/EUR 2.715)

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