Tnuva Resumes IPO Preparations Targeting 13 Billion NIS Valuation for 2027
Israeli food giant Tnuva is preparing for an IPO in the first half of 2027 at a targeted valuation of 13 billion NIS. The move follows improved financial results and strategic expansion into dietary supplements.
Tnuva is resuming preparations for an initial public offering, targeting a listing in the first half of 2027 at a valuation of approximately 13 billion NIS, according to market sources.
The food conglomerate has recently begun drafting a new prospectus through the Meitar law firm and plans to initiate meetings with leading underwriters in the coming weeks. While the company's board of directors has not yet made a formal decision, the executive management has advanced preparations in coordination with its shareholders, China's Bright Food and the kibbutz purchasing organizations.
Valuation and Financial Growth
The targeted valuation of 13 billion NIS significantly exceeds the 10 billion NIS valuation sought during a previous IPO attempt in 2025, which was ultimately shelved in April 2026 to focus on a major investment program and navigate dairy market reforms. The upward revision reflects improved financial performance, driven by consistent revenue growth approaching 10 billion NIS and an EBITDA rise to approximately 1.22 billion NIS, up from 1.15 billion NIS.
Strategic Investments and Expansion
Tnuva's ongoing 600 million NIS investment plan includes constructing a new logistics center in Netivot, relocating the Mama Ofe plant from Kiryat Shmona to the Sunfrost facility in Migdal HaEmek, and installing an additional milk processing line at the Rehovot dairy. Additionally, the company recently entered the dietary supplements market by launching the HOLIS brand, featuring 11 products across nine categories focused on microbiome research.
Market Context
The planned offering follows a wave of food sector listings on the local exchange, including dairy producer Gad, meat company Baldi, and staple goods firm Sugat. Meanwhile, major competitor Strauss Group is currently traded at a valuation of 13 billion NIS. Bright Food originally acquired control of Tnuva in 2015 for 8.6 billion NIS.
