Israel’s Ashdod Port to launch IPO of up to 49 pct of its shares

Israel’s government-run Ashdod Port Company said on Wednesday it plans to launch an initial public offering of up to 49 percent of its minority shares in order to expand the company’s capital base and increase its future profits.

Ashdod, the last remaining state-owned port, has stayed open during the current war in Gaza even though it is located in southern Israel, in range of rockets fired from the coastal enclave.

The firm said it has published a tender to select an issuance adviser for the IPO, effectively initiating the public listing process.