El Al details initial bids after share offer

El Al has disclosed the initial results of its share issue, through which it had intended to raise proceeds of 505m shekels ($145m). The issue was launched on 16 September. El Al had been offering 753.35m shares of which the government had been lined up to take 393.75m at the basic minimum price of 0.671 shekels. It says it received orders for purchasing 578.19m shares at above the standard price, which were accepted “in full”. The airline adds that it also accepted 44% of base-price offers made for a total of 396.76m shares – making up the balance of the issue. While the airline has yet to detail the shareholder breakdown, Israeli publication Globes is reporting that investor Eli Rozenberg has acquired a 42.85% stake, which would be larger than that held by previous main shareholder Knafaim Holdings. El Al had stated in preliminary documentation ahead of the issue that, depending on whether other investors bought into the offer, the government would hold between about 32% and 44.9% of the airline after taking its stake.<br/>