The company sold its polycarbonate factory in Doncaster for ₤4.7 million and will lease it back for ₤330,000 a year.
Sources: Gadot Chemical Terminals has a company value of NIS 250 million
Chemical and pharmaceutical exports accounted for 29% of total industrial exports, excluding diamonds.
Analyst Haim Israel now rates the agrochemicals company "Buy".
Citigroup gives the share a “Buy” recommendation with a target price of NIS 32.
The venture will have potential sales of around $41 million a year at today’s prices, of which Gadot Biochemical will make half.
Scailex will make the bid on behalf of its new owner Petrochemical Industries.
The issue was 2.8 times oversubscribed with purchase orders totaling NIS 2 billion.
The bank raised its recommendation to “Buy” and raised the target price to NIS 28.
Agan Chemical Manufacturers managing director: Our profit margin fell to 20% during January-September and the future does not look any brighter.
Petrochemical will raise NIS 700 million in a bond issue.
The IPO included an offer for sale by Shamrock Holdings, which sold shares for $16 million.
Deutsche Bank says that Israel Chemicals is up 35% in the last three months and believes that it is now fairly valued.
A US arbitrator ordered the company to pay $10m compensation for a generic license for a product that it never marketed.