Tnuva prepares IPO prospectus for 2027 at valuation of about 13 billion shekels

Tnuva, controlled by China's Bright Food, is preparing a new prospectus for an IPO in the first half of 2027, targeting a valuation of around 13 billion shekels, amid improved results and a new supplements line.

Tnuva is renewing preparations for an IPO, and in recent weeks has begun preparing a new prospectus, aiming to conduct the IPO in the first half of 2027. The law firm Meitar is preparing the prospectus, and in the coming weeks the company will begin a series of meetings with leading underwriters. The company's board has not made a formal decision, but management has begun preparations in coordination with the Chinese shareholders and the kibbutzim. Shareholders may sell part of their holdings in the IPO. The valuation at which the company will seek to list is expected to be around NIS 13 billion, higher than the valuation at which it sought to list in 2025 (about NIS 10 billion). The increase stems from improved company results and the launch of a new dietary supplements line. In April 2026, Tnuva halted the IPO process amid changes in the business environment and a reform in the dairy market. The company had no comment. Tnuva, controlled by China's Bright Food (76%) and the kibbutz purchasing organizations (24%), was acquired in 2015 for NIS 8.6 billion. Its investment plan includes establishing a logistics center in Netivot, relocating the Mama Of factory, and installing a milk machine in Rehovot, totaling NIS 600 million. About a month ago, it launched the dietary supplements brand HOLIS. Its revenues grew to about NIS 10 billion, and EBITDA rose to about NIS 1.22 billion.