Infrastructure fund Generation Capital, founded in the summer of 2018 by CEO Erez Balasha and chairperson Yossi Singer in partnership with the Viola fund, raised NIS 525 million on Thursday in a non-uniform equity offering. Demand for the offering totaled NIS 640 million.
In June last year, Generation Capital raised initial capital of NIS 230 million. Thursday’s offering was a substantial one for a company with a market cap of NIS 325 million.
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Sources inform “Globes” that the large investors in the offering were Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), Psagot, Meitav Investment House Ltd., and the Sphera Fund. Mor Investments invested over NIS 100 million in the offering. Yelin Lapidot,, Altshuler-Shaham and Menorah Mivtachim Holdings Ltd. (TASE: MORA) did not take part.
Generation Capital focuses on investment in infrastructure and energy: power, natural gas, transport, the environment, water, and so forth.
In July, Generation Capital bought transport company Bon Tour for NIS 100 million. It then paid NIS 70 million for 50% of Rapac Energy, which has two power plants under construction in the north of Israel, at Ramat Gavriel and Alon Tavor.
The current offering more than doubles Generation Capital’s shareholders’ equity. It was led by Poalim IBI and Epsilon Underwriting and Issuing.
Published by Globes, Israel business news – en.globes.co.il – on September 15, 2019
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