Nakash brothers Ampa Group files for huge TASE IPO

Ampa Group, controlled by the Nakash brothers (49%) and Shlomi Fogel (25%) have published a public prospectus for one of the biggest IPOs on the Tel Aviv Stock Exchange (TASE) in recent years. Other shareholders in the company include Yehoshua Wolf, Naftali Tzeder and Avi Hormaro. The size of the planned offering has not yet been published but market sources believe that Ampa Group will try to raise NIS 700-800 million at a company valuation of NIS 3-3.5 billion.

Most of Ampa Group’s activities are in income producing real estate including Electra Tower in Tel Aviv overlooking the Ayalon Highway. The properties have been built over the years on the land owned by Ampa and Amcor, two of Israel’s historic companies. Ampa also holds a stake in office space leasing company WeWork Israel as well as agricultural companies Agrexco and Carmel and non-bank financing company Ampa Capital, led by former senior banker Yuval Gavish.

In 2024, Ampa Group’s revenue totaled NIS 707 million, down 15% from NIS 829.7 million in 2023, mainly due to lower sales of apartments. However, the group’s operating profit rose 25% to NIS 414 million, due to an upward reevaluation of Ampa’s assets. Net profit in 2024 rose 43% to NIS 140 million.

The prospectus reveals the generous remuneration to the company’s senior executives. CEO Zohar Levi received a “modest” NIS 3.9 million in 2024 while chairman Shlomi Fogel received NIS 7.87 million. Wolf who owns an 11.25% stake in the company was paid NIS 7.93 million and Tzeder, who also holds an 11.25% stake, received NIS 7.82 million. Hormaro, who owns a 2% stake and serves as chairman of Ampa Real Estate, was paid NIS 7.86 million last year – in other words these five senior executives received NIS 35.4 million. Most of these salary payments were in bonuses.

Published by Globes, Israel business news – en.globes.co.il – on May 8, 2025.

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