JERUSALEM, June 6 (Reuters) - The Tel Aviv Stock Exchange (TASE) submitted a draft prospectus for an initial public offering to Israel’s securities regulator on Thursday and reported a decline in quarterly profit.
The TASE said the timing of the IPO, which will be led by global financial services firm Jefferies, was now dependent on the Israel Securities Authority.
In April it said it planned an offering for 30 percent of its shares after it published first-quarter results. The Calcalist financial daily last month said the IPO would be in early July.
Last year, the bourse sold nearly a 20 percent stake to investment fund Manikay Partners and another 19 percent to four other foreign investors. That sale valued the exchange at 551 million shekels ($153 million).
The exchange has been trying to boost declining trading volumes. It demutualised in 2017 to become a for-profit bourse.
It said it earned 5.4 million shekels in the first quarter, down from 8.1 million a year earlier, citing lower revenue and higher expenses. Revenue slipped 2 percent to 64.6 million shekels due to a decline in trading volumes.
$1 = 3.5995 shekels Reporting by Steven Scheer; Editing by Tova Cohen