If there is no parallel capital raising process, skip stages B, C and E
Application to TASE
Preliminary feasibility testing and determining suitability for TASE UP
1
2
Preliminary examination
With underwriters/ distributors/ partners in the platform: In this stage, the raising company will hold telephone/physical meetings with a number of underwriters/ distributors/ issuance consultants for the presentation of its operations.
Engagement
With a distributor/ underwriter/ partner in the platform (not mandatory – the company may choose to conduct the capital raising process on its own).
3
4
Submitting a listing document and payment of examination fees.
Description of the issuing entity, the structure of operations and the fund
Declaration of the company’s qualification for TASE UP
Description of the securities the company wishes to list, including tax implications
Description of the profit distribution mechanisms, including the related tax liability
For a bond offering – the trust deed will also be submitted
For a partnership – description of tax implications, after obtaining a pre-ruling from the Income Tax Authority
For a foreign entity – a lawyer’s opinion stating that there is no impediment to the listing of the securities
Appointment of a nominee company
Road
Show
Show
Road
Show
Show
Meeting with qualified and accredited investors
בשלב זה החתם/המפיץ/יועץ ההנפקה/ שותף בפלטפורמה יפגיש בין החברה המועמדת לבין מספר גופים מוסדיים/ משקיעים כשירים. החברה המועמדת תציג למשקיעים את הפעילות שלה ולאחר מכן המשקיעים יזרימו את הביקושים לרכישת ניירות הערך
סליקת
ההנפקה
ההנפקה
5
Clearing of the Issuance
6
Listing for Trade of the Securities
Including Payment of Listing Fees. The clearing of the issuance may be carried out through TASE Clearing House – charging investors’ accounts through the TASE member, transferring the monetary consideration to the company and depositing the securities in the securities accounts of the investors.
Commencement of Trading
