20% of Cellcom floated on NYSE

7 Feb 2007

Israeli wireless network operator Cellcom has raised USD400 million from the sale of 20 million shares. Underwriters have an option to sell a further three million shares, putting about 22% of Cellcom in public hands. Discount Investment Corp, which saw its stake in the company fall from 78.5% to 59% as a result of the IPO, said it would post a capital gain of NIS660 million (USD155.5 million) from the deal. If the extra shares are sold, Discount’s stake will fall to about 56%. Goldman Sachs Group, which held a 5% stake in Cellcom, sold about 975,000 shares.

Israel, Cellcom