TASE - Tel Aviv Stock Exchange Ltd.

02/22/2021 | Press release | Distributed by Public on 02/22/2021 03:30

Management of Non-Banking Credit Company, Michman, Opens Trading in Celebration of the Shares IPOon TASE

Management of Non-Banking Credit Company, Michman, Opens Trading in Celebration of the Shares IPOon TASE

Press Release

Tel Aviv, February 22, 2021 - Management of Michman opened trading this morning in celebration of its IPO on TASE.

Michman has been providing credit to small and medium businesses since 2015. The company will be included in TASE's Financial Services Sector, which currently comprises 25 companies with a total market cap of NIS 21 billion, of which 12 are Israeli non-banking credit companies.

The company is also one of the 15 new share companies that joined TASE this year, raising NIS 1.2 billion based on an aggregate company value of NIS 4.8 billion.

The main activity of the company is the extension of credit against deferred receivables, primarily in the form of check cashing. As of June 2020, the company's credit portfolio amounts to NIS 90 million.

In September 2020, the company received an expanded credit provider license from the Capital Market, Insurance and Savings Authority, by virtue of the Supervision of Financial Services Law. The company also holds 5% in the online insurance company, Libra.

The company raised NIS 25.2 million in the IPO, based on a company value of NIS 90.6 million.

The share of the company is expected to join the TA-Growth, TA-Finance and TA Insurance-Plus indices at the end of trading day on April 1, 2021.

Yaniv Biton, CEO and Founder of Michman, said: 'I am delighted to participate in this opening bell ceremony, celebrating the commencement of Michman's trading on TASE. Going public is a significant milestone for the company. These challenging times have highlighted the significance of non-banking credit, primarily to small and medium businesses. The IPO enables Michman to achieve further growth, enhance its equity and diversify its credit sources, allowing it to offer a range of credit solutions to its existing and new customers and realize its strategic plan.'

Kobi Avramov, Research Unit Manager at TASE, said: 'We wish the company success and growth and congratulate it on joining TASE, home of the Israeli economy. We expect to see more companies from all sectors grow on TASE and allow the investors to partake in their success and growth in Israel.'

In the picture from right to left: Kobi Avramov, Research Unit Manager at TASE; Doron sapir, chairman Michman; Yaniv Biton, CEO Michman andHani Shitrit Bach, EVP and Head of Listings at TASE

Photography credit: The Tel-Aviv Stock Exchange.

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