Yishai Davidi’s Pimi fund invested in Polyram 5 years ago at a value of half a billion shekels and now, just before the planned IPO, BizPortal has learned that Phimie is selling control of Polyram at a value of NIS 1 billion. The big realization comes against the backdrop of the tide in the IPO market and the desire of institutional and large investors to stock up on stocks of good companies just before the IPO.
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Phimie, who will sell 50% of the company’s shares, was surprised by the large demand, but she still preferred to stay with a stake in the company (about 15% -25%). In the first phase, it will sell 35% at a value of NIS 1 billion, and it will also have an option from buyers (mainly institutional entities / insurance companies) to sell 15% at a higher value of about NIS 1.2 billion, but depending on a number of conditions. Another significant shareholder is a company
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Which is traded on the stock exchange and holds 35% of Polyram shares. Ram On is currently traded at a market value of less than NIS 250 million, and as of the end of the third quarter, the company has net financial assets amounting to NIS 32 million.
It will be recalled that last month it was announced that Polyram, a company engaged in the development, production and marketing of raw materials for the plastics industry, is considering an IPO on the Tel Aviv Stock Exchange at a value of approximately NIS 1 billion. But no one thought there would be a sale / offer for sale to institutional entities and large investors on such a large scale as a pre-issue step. This step kind of increases the chances of an IPO, when it is likely that the institutions that will enter now will want an improvement in their investment, so that the IPO may be even more valuable. However, the timing of the public offering is unclear.
Ram On’s results released earlier this week also included Polyram’s financial statements. The company controlled by the Pimi Fund (65%) and managed by Yuval Peleg ended the first nine months of 2020 with revenues of NIS 478.2 million, compared with revenues of NIS 479.3 million in the corresponding period last year.
Profit from ordinary activities amounted to NIS 61.6 million for the first nine months of 2020, an increase of 15.5% compared with a profit of NIS 53.4 million in the corresponding period last year. The net profit amounted to NIS 48.1 million, an increase of 73% compared to a net profit of NIS 27.8 million in the corresponding period last year.
Polyram ended the first nine months of the year with a total balance sheet of NIS 748.9 million, equity of NIS 390.2 million (approximately 52% of the total balance sheet).
Polyram ended the third quarter with revenues of NIS 166.4 million, an increase of 6.3% compared to revenues of NIS 156.5 million in the corresponding quarter. Profit from ordinary activities in the third quarter amounted to NIS 23.8 million, compared with NIS 18.3 million in the corresponding quarter, an increase of 30%. The net profit in the third quarter amounted to NIS 19 million, compared with NIS 9 million in the corresponding quarter.
Polyram Plastic Industries is part of the global plastic industry’s manufacturing chain. The company is engaged in the development, manufacture and marketing of engineering thermoplastic compounds for manufacturers in the plastics industry and in the development, production and marketing of enhancers, binders and adhesives for thermoplastic compounds (Bondiram). Polyram Plastic Industries operates in a number of geographical areas, the main ones being: Israel, the United States and Europe.
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