Israeli flag-carrier El Al has completed that it will issue 92 million shares and an equivalent number of warrants following a public offering.
It puts the gross consideration for the allocated shares at around 510 million shekels ($139 million).
El Al adds that the future consideration if all warrants are exercised in full is around 524 million shekels.
It had divided up the stock into 920,000 packages of 100 shares, and secured early commitments from specific investors to purchase over 687,000 of them – almost 75% of the total.
El Al auctioned the shares on 31 March.
It says this resulted in 328 orders covering 1.18 million packages – including the early investor orders – potentially valued at 655.5 million shekels.
Controlling shareholder Kanfei Nesharim, it says, ordered packages work 92 million shekels.
El Al states that 54 orders from specific investors, covering nearly 544,000 packages, and 163 orders from the public, for over 365,000 packages, offered a price higher than the set unit figure.
It also partially accepted an investor order for 36,000 packages, allocating nearly 11,000. This brought the total acceptance to 920,000 packages, and other offers were rejected.
Sale of the stock will bring El Al’s issued capital to 345.4 million shares.
El Al says the proceeds are intended to finance the company’s strategic plans, including the acquisition of aircraft, as well as pay off owner loans if sufficient capital is raised.
