Underwriters strike it rich in TASE flotation boom
Underwriters haven't been this busy in 20 years, but some fear the regulators' efforts to expose the public to technology stocks have gone too far.
The general breakdown caused by the coronavirus pandemic has generated some surprising phenomena. One of them is the boom in IPOs in the US, and also in Tel Aviv, where, unless there are further surprises in store, it will break records for primary issues and new listings on the Tel Aviv Stock Exchange (TASE). The Israel Securities Authority recently estimated that if the current rate of offerings continued, more than 100 companies would be added to the TASE, after nearly 30 were newly listed last year. Underwriting firms in Tel Aviv, which have earned aggregate fees of around NIS 150 million in the past few months, report with satisfaction that they are working round the clock.