Shlomo Holdings (TASE: SHLD) announced this morning that its subsidiary Shlomo Holdings Vehicle has withdrawn plans for an IPO on the Tel Aviv Stock Exchange (TASE). Shlomo Holdings, controlled by the Shmeltzer family, planned the flotation of its vehicle renting and leasing company at an estimated valuation of above NIS 4 billion.
In September 2023, Shlomo Holdings Vehicle brought in Inifinity Partners, founded by Jared Kushner, as a partner with a 15% stake, at a company valuation of NIS 2.7 billion. It now seems that the market volatility on the TASE and the upheavals on Wall Street as well as the geopolitical regional tensions are weighing on the IPO market.
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On March 30, Shlomo Holdings announced it had filed a draft prospectus to the Israel Securities Authority, after it had been revealed a week previously that it was considering an IPO. Shlomo Holdings 2024 report showed a company with equity of NIS 2.2 billion (for owners), with revenue of NIS 5.8 billion, up 11% from 2023, mainly due to an increase of tens of percent in vehicle sales and vehicle trade. The bulk of the company’s revenue comes from operational leasing sector (NIS 3.3 billion in 2024). Sales and marketing expenses were reduced by 9%, which helped operating profit jump by 23% in a year to NIS 826 million. However, an increase in tax payments eroded overall net profit, which rose 10% to NIS 511 million.
Shlomo Holdings notified investors today that it, “Reserves the option to issue its securities to the public in the future, with the structure of the offering, its scope, its terms and its actual execution, if any, being subject to the discretion of Shlomo Holdings Vehicle.
Published by Globes, Israel business news – en.globes.co.il – on April 27, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
