Capital markets in Israel

Agmon & Co. Rosenberg Hacohen & Co.

Agmon & Co. Rosenberg Hacohen & Co.'s capital markets practice advises clients, including major international and national banks and corporations, on leading IPOs in Israel, including Tamar Petroleum's IPO and Bank HaPaolim's separation from Isracard, both of which represent two of the largest public offerings on the Tase. The firm's recent work, a significant portion of which falls within the energy and oil and gas sectors, reflects an incredibly diverse practice, covering public issuances of bonds, including contingent convertible bonds, private placements, reverse mergers, spin-offs, and hybrid equity and debt offerings. Shirel Guttman-Amira regularly advises boards of directors, management and audit committees on all capital markets aspects of their business interests, including securities and corporate law. Associate Yaara Shchori Ben Harush  stands out for her recent involvement in major capital markets transactions, including Isracard's NIS2.7bn IPO and Equital's NIS3.5bn reverse merger. Ran Shalom and Amir Goddard are also noted.

Practice head(s):

Uri Rosenberg; Shirel Guttman-Amira

Other key lawyers:

Shirel Guttman-Amira; Ran Felder; Liraz Kahana; Nurit Dromi; Mattan Daskal; Ran Maas

Key clients

Bank Hapoalim Ltd. (TASE: POLI)

Equital (TASE: EQTL)

Bank Leumi Ltd.

Delek Automotive Systems Ltd. (TASE: DLEA)

Bank Leumi Le’Israel Ltd.

Partner Communication Ltd.

Naphtha Israel Petroleum Corp. Ltd.

Energix Renewable Energies Ltd

Mishorim Real Estate Investments Ltd. (TASE: MSHR)

Solegreen Ltd. (TASE: SLGN)

Navitas Petroleum – Limited Partnership

Malam Team

Delek Royalties (2012) Ltd.

Israel Chemicals Ltd. (ICL)

Work highlights

  • Acted for Bank Hapoalim on the IPO of Isracard, which was the largest IPO on the Tel Aviv stock exchange in recent years.
  • Advised Equital on a NIS3.5bn billion reverse merger transaction.
  • Acted for Bank Leumi Le’Israel on the public issuance of several series of straight bonds and contingent convertible bonds at a total amount of NIS5.2bn.

Fischer Behar Chen Well Orion & Co

Fischer Behar Chen Well Orion & Co has a broad capital markets practice that acts for issuers, investors and underwriters on some of the country's most significant IPOs and debt offerings; it has further expertise in private placements, rights offerings and corporate governance matters. Nitzan Sandor, whose clients include dual-listed corporations and major international underwriters, recently led a team that advised Generation Capital on its public listing and a subsequent secondary offering, requiring extensive negotiations with regulators and marking the first IPO of an infrastructure and investment trust on the Tase. Eran Yaniv acted alongside a team primarily comprising Sharon Rosen and Liat Halperin to advise JP Morgan Securities and Citigroup Global Markets as joint lead managers on the $127m IPO of Israeli company Fiverr International, listed on the NYSE. Boaz Noiman and Vered Oren are other key names.

Practice head(s):

Avraham Well

Testimonials

‘FBC has an excellent team consisting of partners that are both knowledgeable and experienced.’

‘I have had the pleasure of working with Adv. Avraham Well and Boaz Noiman for the past 3 years, both of whom are exceptional lawyers who provide outstanding service. Both have a deep understanding of the Israeli securities and companies regulation.’

‘Avraham Well is involved with all significant capital markets deals in Israel.’

‘Nitzan Sandor and Boaz Noiman are both great lawyers who provide excellent legal services to their clients.’

Key clients

Bezeq the Israel Telecommunications Corp.

Perrigo Company Ltd

Migdal

Harel

Menorah

Jerusalem Economy Group

B Communications

Rafael Advanced Defense Systems

Kamada

Reit 1

Tachlit ETFs

Delta Galil Industries

Strauss Group

Azorim

Matomy

Strawberry Fields Inc.

YBox Real Estate Ltd.

Silverstein Properties Limited

Starwood West Limited

OPC Energy

Chosen Properties Ltd.

Noble Energy Mediterranean Ltd.

Altitude Investments Ltd.

Generation Capital Ltd.

Bristol-Meyers Squibb Company

WIX.com

Check-Cap

Work highlights

  • Acted for the BVI-incorporated Silverstein Properties Limited (part of Silverstein Group) on a follow-on offering of bonds on the TASE.
  • Assisted Bezeq with an offering of two new series of bonds listed on Tact Institutional, and a deferred placement of publicly traded bonds to institutional investors.
  • Advised on two offerings of complex capital instruments (hybrid notes) in an aggregate value of approximately NIS900m.

Goldfarb Seligman & Co.

Goldfarb Seligman & Co.'s 'excellent and extremely professional' practice acts for all parties involved in a broad array of capital markets transactions, including major IPOs on the Tase, Nasdaq and the LSE. It is particularly sought out by foreign corporations seeking to enter the Israeli market. Highlights included advising Isracard on its IPO in the context of anti-concentration legislation and acting for Manikay Partners on its acquisition of control of the Tel Aviv Stock Exchange for $157m. Nechama Brin has led on several significant mandates for the firm, drawing upon her considerable expertise handling regulatory matters and approvals before the Israel Securities Authority, the Tase, the Antitrust Authority and other government bodies.

Practice head(s):

Dubi Zoltak; Amir Tzafrir; Gur Nabel; Ashok J. Chandrasekhar; Rami Sofer

Other key lawyers:

Nechama Brin

Testimonials

‘One of Israel’s leading firms with excellent capital markets capabilities.’

‘The team has been superb, providing timely, reasoned and quality advice to our mutual investment banking client. We are very pleased to have the firm on board again this year.’ 

‘Gur Nabel is always there for you. He is a one of a kind lawyer, who is extremely professional.’

‘Over the years I have worked with Aaron Lampert the most. He is extremely intelligent and very easy to work with. I have also worked with Adam Klein and Ashok Chandrasekhar and find them both to be excellent lawyers and nice people.’

Key clients

Isracard Group

Israel Aerospace Industries

Shufersal Ltd

Kardan Real Estate Enterprise & Development Ltd

Kardan Yazamut (2011) Ltd.

Kardan Israel

Manikay Prtners LLC

Property and Building Corporation Ltd

Clal Insurance Enterprises Holdings Ltd

Castro Model Ltd.

Goldman Sachs

HSBC

Morgan Stanley

Citigroup Global Markets Limited

Citibank N.A, London Branch

Poalim I.B.I.

Deutsche Bank

Six Swiss Exchange AG

Six Structured Products Exchange AG

Altice Group

Work highlights

  • Advising Isracard on various activities, including its IPO on the TASE.
  • Acting for Warburg Pincus on its NIS2.5bn acquisition of Leumi Card.
  • Assisting Cellcom Israel with all capital markets matters.

Gornitzky & Co.

Gornitzky & Co.'s 'highly professional and devoted' team frequently assists underwriters with major public offerings on Nasdaq, and also regularly advises issuers on IPOs and covered bonds on the Tase and, to a lesser extent, on the LSE and ASX. Other expertise includes follow-on offerings, private placements and separation transactions. Chaim FriedlandAri Fried and Uri Heller recently advised International Flavors & Fragrances on its dual listing of shares on the Tase (in addition to its current listing on the NYSE and the Euronext Paris) with a total value of $7.1bn. The 'very knowledgeableSharon Werker-Sagy assisted Israel Ports Development & Assets Company in its public offering of commercial securities on the Tase, marking the first such IPO by a government company in Israel. Yair Shiloni and managing partner Lior Porat are other key names.

Practice head(s):

Lior Porat; Chaim Friedland; Sharon Werker-Sagy

Key clients

International Flavors & Fragrances Inc. (“IFF”)

Goldman Sachs

J.P. Morgan

Jefferies

Melisron Ltd.

Shikun & Binui Ltd.

Strauss Group Ltd.

Israel Ports Development & Assets Company Ltd.

Israel Corporation Ltd.

Oppenheimer & Co.

Ladenburg Thalmann

Nomura Securities

ADO Group Ltd.

O.P.C. Energy Ltd.

PetroTex Limited Partnership

Work highlights

  • Acted for International Flavors & Fragrances Inc. (IFF) on the dual listing of its shares on the TASE (in addition to its current listing on the NYSE and the Euronext Paris), in connection with IFF’s $7.1bn acquisition of Frutarom Industries for IFF shares and cash pursuant to a merger agreement between IFF and Frutarom.
  • Assisted the underwriters, led by Goldman Sachs, J.P. Morgan and Jefferies, with the $172.5m follow-on offering of UroGen Pharma on the Nasdaq Global Market.
  • Advised Shikun & Binui on various deals regarding its holdings in ADO Group, which operates in the Berlin residential real estate market through its 38% holding in ADO Properties, a company listed on the Xetra stock exchange.

Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co.

Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. acts for issuers and underwriters trading on the Tase and foreign stock exchanges, including Nasdaq and the NYSE, on bond and equity offerings, and advises clients on private placements and direct offerings. The team also has impressive knowledge of US securities law, demonstrated by the fact that lawyers in the practice are routinely instructed by Israeli companies with securities listed in the US to conduct investigations throughout the course of corporate activity, financial restatements, Public Company Accounting Oversight Board audits and SEC enforcement actions. Aya Yoffe and Perry Wildes jointly head the practice. Yuval Eden and Adva Bitan are other key names.

Practice head(s):

Aya Yoffe; Perry Wildes

Other key lawyers:

Aya Yoffe; Yuval Eden

Key clients

Alon Israel Oil Company

Amiad Water Systems (AIM)

Atreyu Capital Markets

Aura Investments Ltd.

Azrieli Group

Barclays

BiondVax Pharmaceuticals (Nasdaq)

Blue Square Real Estate

BofA Merrill Lynch

Brainsway (Nasdaq and TASE)

Citigroup

Clal Biotechnology

Clal Insurance

CIT Commercial Trust Corporation (TASE & Nasdaq)

CollPlant Biotechnologies Ltd. (Nasdaq)

CYREN Ltd. (Nasdaq)

Dexia Credit Local

Dexia Israel Bank

Discount Investments

Elbit Imaging

Elbit Medical

Elron

First International Bank of Isarel

G. Willi Food (Nasdaq)

Gav-Yam

Globrands

Goldman Sachs

Hadera Paper

IDB Development

Internet Gold Golden Lines Ltd. (Nasdaq & TASE)

Israel Petrochemical Enterprises Ltd.

Israel Postal Company

Israel Railway

Kitov Pharma (Nasdaq)

Work highlights

  • Advised national water company Mekorot on its IPO on the Tase, with a total value of $280m.
  • Acted for the Azrieli Group on a public bond offering made on the Tase for a total consideration of NIS1.4bn.
  • Assisted Y.O.E.L Jerusalem Oil Exploration’s independent committee with a merger with Equitel, with a total value of $14bn in terms of the combined entities equity.

Herzog Fox & Neeman

Herzog Fox & Neeman's practice is involved in leading IPOs and bond offerings in Israel and on foreign stock exchanges (Nasdaq, the LSE and Singapore exchange, to name a few), including those relating to the country's anti-concentration law, where it acts for issuers and underwriters. It also handles regulatory matters, from the first-ever registration of global funds in Israel to the registration of a foreign company as an underwriter and a remote member of the Tase. The group also acts for clients in the cannabis and blockchain industries seeking to gain the necessary regulatory approvals to operate in Israel and attract investment through public offerings. Ehud Sol and Ilanit Landesman-Yogev advised Israel Electric Corporation on its NIS1.7bn public offering of bonds, which was three-times oversubscribed by investors. Associate Zecharia Rechtschaffen, who specialises in securities, fintech and investment management, is notable for his involvement in numerous significant mandates, including the IPO of the Tel Aviv Stock Exchange in July 2019. Yehuda Aharoni was promoted to the partnership in 2020.

Practice head(s):

Ilanit Landesman-Yogev; Ehud Sol; Nir Dash

Other key lawyers:

Ehud Sol; Adi Rozenfield; Chen Moyal; Ilanit Landesman-Yogev

Testimonials

‘What is unique with respect to Herzog Fox & Neeman is that they provide advice with a uniquely high level of knowledge in different legal fields, including financial regulation, commercial law and IP law.’ 

‘The team of the capital markets lawyers is very responsive to clients. I estimate that this team is one level above other firms in this field mainly because they are very experienced in dealing with a lot of big transactions in the Israeli and International markets.’ 

‘Ehud Sol and Ilanit Landesman are very creative in terms of finding solutions to difficult situations, and they are both strong leaders.’

‘Zecharia  Rechtschaffen has a very deep knowledge of the financial markets and therefore he was able to provide us with “out of the box” solutions to different legal matters whether commercial, regulatory or tax-related.’

Key clients

Mellanox Technologies

Avgol Industries 1953 Ltd.

Adama Agrochemical Solutions Ltd.

Apax Partners/ AMI Opportunities fund

WeWork Companies Inc.

Dalton Investments

Davidson Kempner Capital Management LLC

Oaktree capital management LP.

DK Partners

Discount Capital Ltd.

ADLER Real Estate AG

Fuhrer family / Neopharm Group

Hagshama Fund

Harel Finance Holdings Ltd.

Altshuler Shaham Group

Psagot Investment House Ltd.

Israel Land Development Co. Ltd.

Clal Industries Ltd. and its affiliates

Work highlights

  • Advised Mellanox on the sale of its entire share capital through a reverse triangular merger structure to Nvidia.
  • Acted for Israel Electric Corporation on a bond offering and the first public issuance of tradeable and non-tradeable commercial papers.
  • Advised Altshluer Shacham Provident Funds and Pension on the first capital raising made in Israel by a provident and pension company.

Meitar Law Offices

Meitar law offices' team is particularly dominant in terms of advising major issuers on offerings of contingent convertible bonds and IPOs on the Tase. The firm has also gained significant mandates recently involving domestic clients listing on foreign exchanges, including advising Fiverr on its IPO on Wall Street. On the domestic front, Yael Weiss, who predominantly represents financial institutions and public companies in Israel, advised Bank Hapoalim on its issuance of Series 35 bonds and a simultaneous issuance of CoCo bonds on the Tase, enabling the client to raise $1bn. Shachar Hadar   has considerable experience advising Israeli companies registered in the US on their SEC and stock exchange disclosure obligations, and assisting issuers and underwriters with IPOs, follow-on offerings and shelf offerings.

Practice head(s):

Yoav Nahir; Clifford Felig; Dan Shamgar; Shachar Hadar

Other key lawyers:

Yael Weiss; Dr. Shachar Hadar;

Key clients

Enzymotec Ltd.

Sapiens International Corporation N.V

Proteologics Ltd. (public company)

NeuroDerm Ltd

HOT COMMUNICATIONS SYSTEMS LTD

Mizrahi Tefahot Bank (one of Israel’s largest banks)

Mediwound Ltd.

Villar International Ltd.

Turpaz Perfume and Flavor Extracts Ltd. (private company)

Elco Ltd. (public company)

Hapoalim Bank

Work highlights

  • Assisted Bank Hapoalim, which raised $1 billion through an issuance of a new series of bonds (Series 35) and through an issuance of a new series of contingent convertibles apital – COCO (Series Y) – Tier 2 Capital, by the Issuing Company of the Bank.
  • Advised Energean Oil & Gas on an initial public offering on the London Stock Exchange, in which the company offered 72,592,016 ordinary shares.
  • Acted for Ksm Sal Indices Certificates on four issuances of Index Certificates on the Israeli Stock Exchange in the sum of $280m.

Naschitz, Brandes, Amir & Co.

Naschitz, Brandes, Amir & Co.'s group of 'outstanding lawyers' handles an impressive volume of listings on the LSE and Nasdaq for large companies based in Israel. It also handles a steady stream of IPOs and debt offerings on the Tase, where the firm benefits from its prestigious position as special outside counsel to the Tel Aviv Stock Exchange. Tuvia Geffen is particularly well known for his expertise advising companies on floating on international exchanges; he advised Plus500, a FTSE 250 online trading platform, on a number of secondary offerings on the LSE, following its IPO in 2013. Jonathan Feuchtwanger has expertise spanning transactional and regulatory matters. Roi Turgheman's recent work highlights include advising G1 Secure Solutions on its NIS450m equity IPO in Israel. Sharon Amir is also noted.

Practice head(s):

Tuvia Geffen; Jonathan Feuchtwanger

Other key lawyers:

Sharon Amir; Tuvia Geffen

Testimonials

‘The capital markets team is highly professional, with outstanding ability and problem-solving abilities.’

‘The lawyers in the practice are knowledgeable and provide a conservative analysis of legislation and guidance to avoid pitfalls.’

‘Highly accessible and broad team.’

Key clients

Check Point Software Technologies

Wix.com

Plus500

G1 Secure Solutions

Frutarom industries

Tremor International

Tel Aviv Stock Exchange

Bet Shemesh Engines

Gilat Satellite Networks

JP Morgan

Barclays

Deutsche Bank

Unitronics (1989)

Utron

Magal Security

TAT Technologies

Accel Telecom

Besadno

Inter Green

Hap Seven NY Venture

Castro Model

MICRONET LTD

Work highlights

  • Advised LSE AIM-listed, Taptica International on its £300m public share exchange with LSE-listed, RhythmOne plc.
  • Advised Wix.com on its $442m convertible notes 144A offering led by JP Morgan and Bank of America.
  • Acted for G1 Secure Solutions on its NIS450m IPO on the TASE.

Yigal Arnon & Co

Yigal Arnon & Co acts for major international banks as underwriters and companies as issuers in public offerings on the Tase, Nasdaq, NYSE and the ASX, and regularly advises public companies - including a number in the medical cannabis industry - on M&A. The firm is also experienced in advising international corporates, generally based in the US, on dual listings on the Tase and the regulatory issues applicable with respect to Israeli securities law in particular. In a market first for the country, Simon Weintraub led advice to China International Capital Corporation and Hong Kong Securities as underwriters on the IPO of Sisram Medical, an Israeli company, on the Hong Kong Stock Exchange, facilitating a $112m capital raising. Shiri Shaham, who stands out for her expertise advising major investment banks as underwriters on significant bond issuances, jointly heads the team with Gil Oren. Israel and US qualified partner Micki Shapira joined the practice following the firm's merger with Weinstock-Zecler & Co in January 2019, bringing particular expertise in private equity and venture capital transactions to the group. Daniel Marcovici is also noted.

Practice head(s):

Shiri Shaham; Gil Oren

Other key lawyers:

Simon Weintraub; Shiri Shaham

Testimonials

‘Whenever called upon has provided swift and reliable advice. The team is very helpful and friendly and ready to assist with responsiveness and efficiency.’

 

Key clients

El Al

One Software Technologies

Peninsula Ltd.

BioLineRx

WhiteSmoke Software

Enlivex Therapeutics

China International Capital Corporation

Hong Kong Securities Limited

Jefferies Hong Kong Limited

Sisram Medical

Nextcom

Knafaim Holdings

Shapir Engineering and Industry Ltd.

Security Matters

Seedo

Work highlights

  • Acting for BioLineRx, listed on both TASE and NASDAQ, on all of its ongoing matters related to its activity as a public company and also with respect to Israeli securities and companies law.
  • Assisted medical company Enlivex Therapeutics with its dual listing on the TASE.
  • Acted for China International Capital Corporation Hong Kong Securities Limited and Jefferies Hong Kong Limited, the joint sponsors (underwriters) on the IPO of Sisram Medical – the first Israeli company to list on the Hong Kong Stock Exchange.

M. Firon & Co Advocates and Notaries

M. Firon & Co Advocates and Notaries's practice is highly regarded for its expertise in securitisation transactions on the issuer side. The team also advises issuers on public offerings - covering debt and equity - private placements and regulatory issues including ensuring compliance with anti-concentration legislation. Udi Efron recently advised Direct Insurance on its private issuance of debentures and shares; the firm had previously handled the company's IPO in Israel. Oded Ofek, who is 'wise, service oriented and novel in his solutions', specialises in investment funds and credit provision services. Osnat Ohpir joined the firm in 2019, bringing with her a wealth of experience representing companies before the Israel Securities Body and other regulatory authorities in relation to capital markets transactions.

Practice head(s):

Udi Efron; Oded Ofek

Other key lawyers:

Udi Efron; Oded Ofek; Osnat Ohpir

Testimonials

‘The team is professional and has unique expertise in this field of practice.’

‘Superb, top market lawyers, professional, up to date.’

‘I don’t think you can get any more professional than Oded Ofek. He understands in split seconds the legal aspects of the problems and formulates wise and practical answers.’

‘Oded is a dedicated, smart lawyer, who handles pressure well. I can certainly mark him as a leader in capital markets, investment funds, mutual funds, portfolio management and so on. If I ever need help, advice, wisdom, I just turn to Oded and recommend to others to do so as well.’ 

‘Oded Ofek is a brilliant one-stop-shop in his fields of practice, integrating a wide variety of know-how in diverse legal fields, and not only the legal scope of the capital markets, giving him a mature and integrated take on any legal issue at hand.’

Key clients

Industrial Buildings Corporation Ltd.

Israel Natural Gas Lines Company Ltd.

Bezeq The Israel Telecommunication Corp. Ltd.

The Donitz brothers Ltd.

Infimer Ltd.

Mega Or Ltd.

Robogroup T.E.K. Ltd.

Ashtrom Group Ltd.

Ashtrom Properties Ltd.

Ashdar Building Company Ltd.

The Phoenix Holdings Ltd.

Altshuler Shaham Group

Direct Insurance Financial Investments Ltd.

Adgar Investments and Development Ltd.

C. Mer industries ltd.

Xenia Ltd

Zur Shamir Group and several of its subsidiaries

Elbit Systems Ltd.

Dan Hotels Ltd.

Credit Union

Ayalon Mutual Fund, United, K.L.S Capital

The Union of Mutual Fund’s Managers

The Union of Trustees in Capital Markets

The Association of the Institutionalized Entities for Credit Service

ERN Israel Ltd

Sigma City

The Association of Brokers in the Israeli Stock Exchange (TBA)

Wealthstone

Work highlights

  • Acting for Zur Shamir group on the execution of several complex securitisation transactions for an approximate amount of NIS1.389 bn and issuances of debentures and shares in an approximate amount pf NIS1.069bn.
  • Advising Ashtrom Group on several issuances of debentures to the public in an approximate aggregate amount of NIS1.307bn.
  • Assisted Phoenix Group with the execution of several issuances of debentures to the public, by an issuance of a new series of debentures, in an approximate aggregate amount of NIS1.277bn.

Shibolet & Co.

Shibolet & Co.'s 'very professional' capital markets team frequently acts for issuers offering debentures. The group has also invested in the developing areas of blockchain - where it acts for clients including cryptocurrency platforms on ICOs and STOs and advises on regulatory approvals prior to public offerings - and medical cannabis, where it is handling share swap transactions, IPOs and reverse mergers. Adi Zaltzman, whose clients include major international corporations and underwriters, recently worked alongside Saul Adereth and Amir Shachar to advise Searchlight Capital Partners on its purchase of B Communications and a settlement agreement with the target company's debenture holders, representing one of the largest debt settlements in Israel.

Practice head(s):

Moshe Ne’eman; Adi Zaltzman

Other key lawyers:

Adi Zaltzman; Saul Adereth; Amir Shachar

Testimonials

‘The team has a great deal of knowledge in all areas of capital markets.’  

‘The availability of the team is very high, their work is done thoroughly and quickly. From experience working with other offices, the level in this office is exceptional.’

‘The team provides excellent service, is available for any question at any time, and helps its client to advance the deal in question without disqualifying it.’ 

‘Saul Adereth is a very hardworking, professional, loyal and courteous lawyer. specialising in the Israeli capital markets and lien laws.’

‘I have worked with Saul Adereth on a number of transactions, and was very impressed with his interpersonal ability and professionalism.’ 

‘Associate Inbar Ethan Goldstein takes care of all relevant legal issues on a  day-to-day basis and serves as a pivot within the firm for all legal matters that are also handled by other lawyers. She has a high level of professionalism, availability and provides exceptional service.’

Key clients

Gama Management & Clearing Ltd.

GO.D.M Investments

Golan Plastic Products Ltd.

Hub Data Protection Ltd

iintoo Investments Ltd.

Inrom Construction Industries Ltd.

Board of directors of Jerusalem Economy Ltd.

Kafrit Industries (1993) Ltd.

Kerur Holdings Ltd.

Lahav LR Real Estate Ltd.

Leader Capital Markets Ltd.

Lodan Engineering Co. Ltd.

Netz Forecasts Ltd.

NICE-Systems Ltd.

Merchavia Holdings and Investments Ltd

Orbit Technologies Ltd.

PCB Technologies Ltd.

Poalim I.B.I. – Underwriting & Issuing Ltd.

Priortech Ltd.

Searchlight Capital Partners

Work highlights

  • Acting for Gama Management & Clearing on its issuance to accredited investors of a new series of debentures, to be traded on the TASE Continuous Trading system.
  • Assisted Space-Comm with issuing a new series of debentures, which included a novel mechanism of pledges allowing for refinancing of an old series of debentures.
  • Advised medical cannabis company Bettervon a share swap transaction with WhiteSmoke, a TASE publicly traded company.  

Shimonov & Co. - Law Firm

Shimonov & Co. - Law Firm is a leading firm for US companies, predominantly those in the real estate sector aiming to enter the Israeli market via public offerings, evidenced by the fact the practice was instructed on the only US-based real estate IPO on the Tase in 2019, in which it acted for Westdale Real Estate Investment. Practice head Israel Shimonov's vast expertise in the sector includes securities law, corporate law and M&A, in addition to representing clients before the ISA and the Tase. Nir Cohen Sasson and Dudi Berland are also noted.

Practice head(s):

Israel Shimonov

Other key lawyers:

Israel Shimonov

Testimonials

‘They are very friendly, accommodating, professional, passionate and will go to battle for you in a second.’

‘The team have a great relationship with the regulators and market participants.’

‘They are top professionals, extremely dedicated and very trustworthy.’

‘The head of the firm Mr. Shimonov is excellent in terms of his knowledge, dedication and responsibility.’ 

Key clients

Elad Canada Realty Inc.

Extell Limited

Hertz Investment Group

Westdale Real Estate Investment

Fattal International Hotels and Resorts

Shayma Investments SA (the Saidoff Family)

MRR Thirteen Limited

Carasso Motors Ltd.

All Year Holdings Limited

Southern Properties Capital Ltd.

Elad National Realty

Namdar Realty Group

Wharton Properties (Jeff Sutton)

Cannabit

Work highlights

  • Acted for Elad Canada on the company’s IPO, which raised approximately NIS280m.
  • Assisted Westdale with an IPO prospectus on TASE of NIS500m.
  • Acting for Southern Properties Capital Ltd. on all its capital markets activity in Israel, including its IPO bond offering on the TASE in the sum of NIS275m with secured bonds structure.

Amit, Pollak, Matalon & Co. Advocates and Notary

Amit, Pollak, Matalon & Co. Advocates and Notary is particularly active advising Israeli corporations on IPOs on Nasdaq, the NYSE and the ASX, however the firm has also acted for clients in public offerings taking place on the Tase recently. The firm's broader experience includes private placements, corporate disputes, mergers involving publicly traded companies, and advising clients on securities law. Ian Rostowsky's experience covers all areas of securities law including regulatory compliance and Amichay Finkelstein leads on domestic work. Omri Flicker joined the practice in 2018 from Fischer Behar Chen Well Orion & Co.

Practice head(s):

Amichay Finkelstein; Ian Rostowsky

Other key lawyers:

Ian Rostowsky; Omri Flicker; Ido Maron

Key clients

The supervisor of Ratio Oil Exploration (1992) Limited Partnership

Aeronautics Ltd.

Splitit Ltd.

Freshmarket Ltd.

Shekel Brainweigh Ltd.

Aura Investments Ltd.

Hamama Meir Trading (1996) Ltd.

Brenmiller Energy Ltd.

Citrine – S A L Investment & Holdings Ltd.

Eltek Ltd.

Delek Drilling – Limited Partnership

Comasco Ltd.

Catalyst Private Equity Partners (Israel) II, Limited Partnership

Work highlights

  • Representing the supervisor of Ratio in negotiations for operating fees payable to the general partner of Ratio Oil partnership; the operating fees for 2018 paid to the general partner amounted to $16.7m.
  • Advised Splitit on its IPO on the Australian Stock Exchange (ASX), as well as its follow-on offering on the ASX a few months after its IPO.
  • Assisted Freshmarket with its IPO on Tase, with a total value of NIS1bn.

Arnon Segev & Co.

Arnon Segev & Co. is sought out by institutional investors to advise on backing bond issuances on the Tase. The group also assists issuers with public offerings and, more frequently, acts for underwriters engaged in bond issuances on the Tase, particularly in terms of due diligence, regarding real estate assets in the US, supplemented by its expertise in the field of contingent convertible bonds, synthetic products, hybrid securities and other structured products. Arnon Segev has vast experience in capital markets work, including public and private debt- and equity-backed securities, securitised products and various other forms of capital raising.

Practice head(s):

Arnon Segev

Other key lawyers:

Arnon Segev

Katzenell Dimant

Katzenell Dimant's team handles a high volume of mandates for emerging and established clients in the technology and pharmaceutical sectors, including investments and funding rounds, IPOs, public issuances of bonds and reverse mergers. The group is perhaps best known for its strength in debt capital markets transactions, evidenced by Ran Dimant's recent work for Ella Deposits, a company that develops financial structures, assisting with its $5.2bn public offering of structured bonds, which involved liaising closely with the Israel Securities Authority and the Tase regarding the company's affairs, exacerbated by the fact that structured bonds are subject to stringent regulatory requirements in Israel. Einat Katzenell is another key name.

Practice head(s):

Einat Katzenell; Ran Dimant

Other key lawyers:

Einat Katzenell; Ran Dimant

Work highlights

  • Acting for Nanomedic on its ongoing investments and business activity, including in negotiations regarding a reverse merger into a shell company that is listed in Canada and simultaneously in connection with a public offering on the Tase.
  • Advised Harel Exchange Traded Deposit from its incorporation in February 2019 to its IPO in July 2019.
  • Advising Citrine Biotech, a fund which specialises in biomed investments in pre-IPO and traded companies, on a raft of issues, including its investments.

Lipa Meir & Co

Lipa Meir & Co's capital markets practice expanded in November 2018, with experienced partners Eitan Shmueli and Gregory Irgo, and attorney Ido Zabarof, joining from Eitan Mehulal Sadot. The firm predominantly advises clients, including domestic corporates and start-ups, on private capital raising procedures and IPOs on the Tase and Nasdaq. Eitan Shmueli is best known for assisting public and private companies access commercial opportunities in Israel through equity and debt transactions, including private placements and public M&A. Gregory Irgo frequently guides companies through the range of regulatory approvals required to access funding opportunities in Israel and foreign stock exchanges.

Practice head(s):

Eitan Shmueli

Other key lawyers:

Gregory Irgo

Key clients

Foresight Autonomous Holdings Ltd.

Alon Natural Gas Explorations LTD.

Rail Vision Ltd.

Safe-T Group Ltd.

Magna B.S.P Ltd.

Lito Group Ltd.

New Era Real Estate Development and Management Ltd.

Canna V. Cell Sciences Inc. (formerly Midnight Stare Ventures Corp.) (CSE: CNVC.CN)

Bagir Group Ltd.

Shekel Scales 2008 Ltd.

Ginegar Plastic Products Ltd.

Raval A.C.S Ltd

BATM Advanced Communications Limited

Work highlights

  • Advised start-up Rail Vision on a range of securities issues, raising approximately $10m in the past year, and approximately $22m over the past three years.
  • Acted for start-up Foresight on registering its shares and raising approximately $6.5m on Nasdaq and in private placements of NIS150m in the last three years.
  • Advised Safe-T Group on a $7.3m public offering in the US, a $6m private placement in the US and a NIS10m private placement in Israel.

Pearl Cohen Zedek Latzer Baratz

Pearl Cohen Zedek Latzer Baratz is a popular choice for clients in the medical cannabis field, where it advises numerous companies on investment rounds, private placements, mergers, acquisitions and public offerings on the Tase. The group is also active in advising clients in the real estate sector on private placements, shareholding sales and public rights offerings. Practice head Ilan Gerzi has particular expertise in dual listings of public companies, and in acting for medical cannabis companies on IPOs on the Tase. The capital markets practice added eight lawyers in 2018/19, including senior associates Aliza Gabizon and Mark Hamilton.

Practice head(s):

Ilan Gerzi

Other key lawyers:

Ilan Gerzi; Aliza Gabizon; Mark Hamilton

Key clients

Panaxia Pharmaceutical Industries Israel Ltd. and Herodiom Investments Ltd.

Together Pharma

Tefen Industrial Engineering and Management and Systems Analysis Ltd.

Oren Investments Ltd.

Intercure Ltd.

Tefen Industrial Engineering and Management and Systems Analysis Ltd.

Cannomed Medical Cannabis Industries Ltd.

Avrot Industries Ltd.

A.L.D Advanced Logistics Development Limited

Work highlights

  • Acted for Oren Investments on a share sale agreement.
  • Advised Intercure on a NIS45m private placement.
  • Assisted Avrot Industries with a private debentures placement.

S. Friedman & Co. Advocates & Notaries

S. Friedman & Co. Advocates & Notaries' capital markets practice is renowned for its expertise advising public companies owned by the Israeli Kibbutzim regarding matters spanning shareholder agreements, procedures and various regulatory negotiations. The firm's broader offering includes assisting companies with debt and equity issuances on the Tase, Nasdaq, NYSE and LSE, handling corporate governance and private placements. Arnon Mainfield advises a wide spectrum of clients, which includes public and private companies, investment funds and underwriters, on investments, public M&A, IPOs and regulatory advice. Sarit Molcho's expertise resides in corporate and securities law, and she is a key contact for the firm's kibbutzim-owned companies.

Practice head(s):

Arnon Mainfield; Sarit Molocho

Key clients

RADA Electronic Industries Ltd. (NASDAQ: RADA)

Arko Holdings Ltd. (TASE: ARKO HOLDINGS)

Almogim Holdings Ltd. (TASE: ALMOGIM HOLDINGS)

Palram Industries (1990) Ltd. (PALRAM)

Plasson Industries Ltd. (TASE: PLASSON)

Maabarot Products Ltd.

Plastopil Hazorea Company Ltd. (TASE: PLASTOPIL)

Klil Industries Ltd. (TASE: KLIL)

Gan Shmuel Food Ltd. (TASE: GNSHM)

Rekah Pharmaceutical Industry Ltd. (TASE: Rekah)

Supercom Ltd.

Ralco Agencies Ltd (TASE: RLCO)

Afcon Holdings Ltd. (TASE: AFHL)

Kibbutz Ramat Yochanan

Kibbutz Hazorea

Israel Railways

Bermad Agricultural Cooperative Association Ltd.

Bella Online Ltd.

Work highlights

  • Advised Rekah on license and supply agreements in the amount of $43m with Teva Pharmaceuticals.
  • Advised publicly listed company Rada on an institutional equity round.
  • Assisted Almogim with the filing of a new shelf registration and on debt financing transactions, via a shelf offering.

S. Horowitz & Co

S. Horowitz & Co has particular strength handling bond offerings on the Tase for clients in the real estate sector, and M&A for publicly listed companies across a range of industries, including those active in the pharmaceutical and medical cannabis fields. The group's broader caseload consists of private placements of shares, where it acts for issuers, and advising companies on a long-running basis on all aspects of their securities and corporate law matters, from liaising with the Israel Securities Authority to complying with disclosure requirements. Guy Firer and Amir Assali jointly head the practice.

Practice head(s):

Guy Firer; Amir Assali

Other key lawyers:

Amir Assali

Key clients

Minrav Holdings Ltd.

Azrieli Group Ltd.

Sano Bruno’s Enterprises Ltd.

Brimag Digital Age Ltd.

Minrav Projects Ltd.

Herodium Investments Ltd

Issta Lines Israel Students Travel Company Ltd.

The Phoenix Holdings Ltd.

Chengdu Kanghong Pharmaceutical Group Co. Ltd.

Mordechai Aviv Taasiot Beniyah 1973 Ltd.

MRR – Thirteen Limited

Apollo Power Ltd.

Teva Pharmaceutical Industries Ltd.

Publicis Groupe SA

Global Evolution Fondsmæglerselskab A/S

B Communications Ltd.

Coral Reef Technology Ltd.

Work highlights

  • Acting for Minrav Holdings on all of its securities-related matters, including a range of debt capital markets transactions, and over NIS130m in bonds and commercial securities.
  • Acting for Herodium on the merger of Panaxia Israel’s activity into Herodium in exchange for approximately 75% of Herodium’s issued share capital.
  • Advised MRR Thirteen Limited on its bond issuance on the TASE, facilitating a $74m fundraising.

Steinmetz, Haring, Gurman & Co.

Steinmetz, Haring, Gurman & Co. acts for investors, issuers and underwriters on a range of capital markets transactions, including private placements, corporate bond investments and IPOs on the Tase. The practice is frequently instructed by domestic companies in Israel to prepare and publish shelf prospectuses prior to public offerings, which includes obtaining regulatory approvals from the Israel Securities Authority and the Tase. Manny Gurman advised UBS bank on its purchase and subsequent sale of shares in Israel Chemicals Ltd for $700m, representing one of the largest deals on the Tase involving a foreign shareholder of a regulated Israeli company. Jacob Steinmetz is regularly retained by large investors to manage their corporate bond portfolios.

Practice head(s):

Jacob Steinmetz; Manny Gurman

Other key lawyers:

Manny Gurman; Jacob Steinmetz

Key clients

Menora Mivtachim Insurance Ltd.

Rani Zim Shopping Centers LTD.

ALL – IN TRADE ISRAEL LTD

UBS Bank

MirLand Development Corporation PLC.

Hilan-Ness

Eurex AG (Deutsche Boerse Group)

Matzlawi Construction Company Ltd.

Edri-El-Israel Properties Ltd.

Tiv Ta’am Holdings Ltd.

Psagot Investment House Ltd.

Union of Local Municipalities in Israel

Meniv Rishon Ltd.

Work highlights

  • Advising Menora on its corporate bond investments.
  • Acted for the London branch of UBS Bank on the creation of financial instruments that would be used to acquire ordinary shares of Infinity.
  • Assisting Eurex in its negotiations with the Israeli Securities Authority in order to broaden Eurex’s trading scope with Israeli customers.

Weksler, Bregman & Co., Advocates

Weksler, Bregman & Co., Advocates regularly acts for issuers on public bond offerings and distressed companies on debt restructuring mandates; it has particular expertise in the real estate, banking and finance sectors. The practice stands out for its position as in-house counsel to the Tase, with recent work including updating the client's legislative framework to transform it into a for-profit company and handling its subsequent novel IPO. Ofer Yankovich leads on the majority of the team's instructions; he advised Africa Israel Investments Group, comprising four public companies, on its NIS3.5bn debt settlement and creditor's agreement. Ora Dvir heads the practice.

Practice head(s):

Ora Dvir

Other key lawyers:

Ofer Yankovich

Key clients

The Tel Aviv Stock Exchange

Africa Israel Investments Ltd.

AFI Properties Ltd.

Africa Israel Residences Ltd.

RAPAC Communication & Infrastructure Ltd.

Top Group

Inter-Gamma Investment Company Ltd.

El-Mor Electric Installation & Services (1986) Ltd.

Matrix

HSBC

Gmul Investments

Maayan Ventures

Work highlights

  • Ongoing advice to TASE and its clearing houses -TASE clearing house and MAOF clearing house – on capital markets-related activities.
  • Acted for AFI Properties on the issuing of public bonds for the sum of more than NIS300m.
  • Assisting Inter-Gamma with a private placement of shares and options to several institutional investors.

Zysman, Aharoni, Gayer & Co (ZAG-S&W)

Zysman, Aharoni, Gayer & Co (ZAG-S&W) has a balanced workload advising issuers and underwriters on IPOs on Nasdaq, the Tase and the NYSE, including offerings of American Depository Shares, acting primarily for clients in the life sciences sector. The group also handles private placements and major mergers, reverse mergers and acquisitions of public companies, with a particular emphasis on the medical cannabis industry. Oded Har-Even, who works from New York and Tel Aviv, specialises in advising public companies on financing and ongoing corporate governance and handles IPOs on the NYSE and the Tase. Shy Baranov is another key figure.

Practice head(s):

Oden Har-Even; Shy Baranov; Reut Alfiah; David Huberman

Other key lawyers:

Oded Har-Even

Key clients

Pluristem Therapeutics Inc.

Oramed Pharmaceuticals Inc.

IceCure Medical Ltd.

Attunity Ltd.

Bioblast Pharma Ltd.

Rimoni Industries Ltd.

H.C Wainwright & Co Llc

Radcom Ltd.

Medigus Ltd.

Foresight Autonomous Holdings Ltd.

DarioHealth Corp.

Nano Dimension Ltd.

Bonus Biogroup Ltd

Allium Medical Solutions Ltd.

Pointer Telocation Ltd.

Rail Vision Ltd.

View Trade Securities Inc.

Safe-T Group Ltd.

A.G. P/ Alliance Global Partners

Eva Fashion

Pharmacann Polska Ltd.

Hydrofarm Holdings Group, Inc.

Oppehnhiemer & Co.

Medical Compression System (D.B.N) Ltd.

Cannasure Therapeutics Ltd.

BiomX Ltd.

On Track Innovations, Ltd.

Work highlights

  • Handled the reverse IPO merger of Bioblast Pharma.
  • Advised on a private placement by Hydropharm Holdings.
  • Acted for Oppenheimer and Co., as underwriter’s counsel, on Anchiano Therapeutics’ IPO.