TEL AVIV (Reuters) - Defense holding company SK Group is planning an initial public offering on the Tel Aviv Stock Exchange at a company valuation of 2 billion shekels ($565 million), Israeli financial news websites reported on Monday.
The SK Group, owned by Israeli businessman Samy Katsav, has a portfolio with holdings in several security and defense focused subsidiaries. Among them are Israel Shipyards, one of the largest shipbuilding and repair facilities in the eastern Mediterranean, and Israel Weapon Industries Ltd, which manufactures the Uzi submachine gun.
A spokeswoman for SK Group declined to comment.
The IPO, which is being planned for mid-2018, is expected to fund SK Group’s entry into the Indian market, the Calcalist website said.
In May, IWI opened a small arms manufacturing facility in the Indian state of Madhya Pradesh, as part of a collaboration with Indian engineering group Punj Lloyd.
($1 = 3.5408 shekels)
Reporting by Tova Cohen, Editing by Ari Rabinovitch