Max Stock’s $188 Million Initial Public Offering

Davis Polk advised Max Stock Ltd., as the issuer and Moose Holdco Ltd., Uri Max Ltd. and Oria & Iris Ltd. LP, as the selling shareholders on the offering, while Gornitzky represented Jefferies.

Max Stock’s initial public offering and listing on the Tel Aviv Stock Exchange consisted of 45,000,000 ordinary shares pursuant to Rule 144A and Regulation S. In connection with the initial public offering, Moose Holdco Ltd. has also granted the initial purchaser an overallotment option in respect of up to an additional 6,750,000 shares. The total value of the offering amounted to NIS 621 million (approximately $188 million), assuming full exercise of the overallotment option.

Max Stock is a leading high-growth, extreme value retailer in Israel, offering a broad assortment of quality, everyday essential items at prices up to 50% lower than conventional retailers.

The Davis Polk capital markets team included partners Michael Kaplan (Picture) and Reuven B. Young, counsel Connie I. Milonakis and associate Gil Savir. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate Brantley Hawkins provided 1940 Act advice.

The Gornitzky was led by partners Chaim Friedland, Yair Shiloni and Ari Fried, and also associates Itamar Ben Yehuda, Netanel Kahane, Danielle Skald, Gil Palkovic, Dafna Sidkiyahu, Nir Moses and Lilach Shamir.

Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Brantley Hawkins – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Connie Milonakis – Davis Polk & Wardwell; Gil Savir – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell; Itamar Ben Yehuda – Gornitzky & Co.; Ari Fried – Gornitzky & Co.; Chaim Friedland – Gornitzky & Co.; Netanel Kahane – Gornitzky & Co.; Nir Moses – Gornitzky & Co.; Gil Palkovic – Gornitzky & Co.; Lilach Shamir – Gornitzky & Co.; Yair Shiloni – Gornitzky & Co.; Dafna Sidkiyahu – Gornitzky & Co.; Danielle Skald – Gornitzky & Co.;

Law Firms: Davis Polk & Wardwell; Gornitzky & Co.;

Clients: Jefferies; Max Stock;

Author: Ambrogio Visconti