The BST real estate group, controlled by the Tannous family, completed an initial public offering (IPO) on the Tel Aviv Stock Exchange. Within the framework of the offering, which was executed via a non-uniform offer format, the company raised approximately NIS 400 million in exchange for about 13.75% of its shares. The offering was carried out at a pre-money valuation of approximately NIS 2.6 billion, and the company will begin trading in the coming days at a post-money market value of approximately NIS 3 billion.
In the offering, which was led by Barak Leumi Underwriters, The Phoenix Group, and Leader Underwriting, demands of nearly NIS 1 billion were received – double the scope of the fundraising, with the participation of institutional bodies and Israel's leading insurance companies. Following the move, the Tannous family will hold approximately 69% of the share capital, The Phoenix Group will hold approximately 17.25% (compared to about 20% on the eve of the offering), and the public will hold approximately 13.75%.
The company, which was founded in 1972 by the late Badie Tannous and is currently managed by his sons Elias (CEO), Ala, and Wasim, alongside Chairman Rafi Bisker, operates in three segments: Execution and finishes (with revenues of approximately NIS 1.7 billion in this segment in 2025), real estate development in Israel (19 projects including 4,300 housing units), and income-producing real estate in Canada in partnership with Phoenix and Menora. Among the prominent projects established and executed by the company: Sammy Ofer Stadium, ToHa, Azrieli Town, TLV Mall, and the hospitalization tower at Ichilov.
According to its reports, BST Group summarized the year 2025 with revenues of approximately NIS 1,911 million and a net profit of approximately NIS 52.2 million. The company concluded the first quarter of 2026 with revenues of approximately NIS 514 million (an increase of about 21% compared to the parallel quarter) and a net profit of approximately NIS 11.8 million.
As of the end of March 2026, the overall backlog of the group's work stood at approximately NIS 6.4 billion, and its equity amounted to approximately NIS 741 million. The proceeds from the fundraising are intended to finance the company's 2030 plan, which includes expanding evacuation-and-construction projects in Israel and increasing the residential rental portfolio in Canada.
Elias Tannous, CEO and co-owner of BST Group, stated: "The offering of the group's shares is a central move in its history, reflecting the impressive journey we have made over the years. We continue to operate out of a deep commitment to values, to a path of uncompromising quality in planning, development, and execution, and to the vision instilled by our late father, Badie Tannous, to continue leading as one of the largest real estate groups in Israel."