Delta Galil files for Nasdaq offering
Israeli clothing manufacturer Delta Galil Industries Ltd. has announced that it has filed F-1 forms with the US Securities Exchange Commission (SEC) to trade on Nasdaq under the DLTG ticker. The number of shares to be issued and the price of the offering have not yet been decided, Trend reports with reference to Globes.
At the beginning of the month, "Bloomberg," reported that Delta had hired Bank of America and the Israeli manufacturer would seek a $2 billion valuation, well above its current $1.3 billion market cap on the Tel Aviv Stock Exchange (TASE). "Bloomberg" said that the public offering on Wall Street could happen before the end of the year. Delta declined to comment when questioned by "Globes" on the matter.
In the first half of 2021, Delta Galil, controlled and managed by Isaac Dabah, reported a major recovery, which has seen its share price rise 98% since the start of the year. The company reported a profit of $39.7 million in the first half of the year, compared with a $83.6 million loss in the corresponding period of 2020. Delta Galil distributed a $5 million dividend to shareholders from profit in the first half of 2021. Revenue in the first half of 2021 was $871.9 million, up 44% from the first half of 2020.
Delta Galil is an international manufacturer of branded clothing including underwear, jeans, sportswear and active-wear, and socks for women, men and children. Delta Galil has previously traded on Wall Street but was delisted in 2008 due to thin trading.