Importer Cristallino Eyes Tel Aviv IPO at Up to 1 Billion Shekel Valuation
Israeli import and retail firm Cristallino is planning an IPO on the Tel Aviv Stock Exchange at a valuation of up to 1 billion shekels, aiming to raise 200 million shekels despite recent market cooling.
Despite a recent cooling trend in the Tel Aviv Stock Exchange due to falling share prices, consumer goods and import company Cristallino is preparing for an initial public offering (IPO), seeking a valuation between 800 million and 1 billion shekels before money, according to market sources.
Controlled jointly by the Elbaz family and the Rakia Fund—each holding a 50% stake—Cristallino plans to raise approximately 200 million shekels through the offering. The majority of the proceeds will flow directly into the company's treasury to fund ongoing business expansion, alongside a secondary offer where existing shareholders will sell part of their holdings. The IPO is being led by underwriters from Phoenix Holdings, Bank Leumi's Leumi Partners, and IBI.
Founded nearly 50 years ago by businessman Chaim Elbaz as a jewelry firm under the name Fine-gold, Cristallino has evolved into a major retail and import enterprise. Today, the company employs over 200 people under the management of CEO Ran Elbaz, generating an estimated annual revenue of 600 to 700 million shekels with high profitability margins.
Core Operations and Brand Portfolio
Cristallino's primary business activity is the import and distribution of products from Chinese electronics giant Dreame, including vacuum cleaners, kitchen appliances, washing machines, and air purifiers. In addition, the company imports and markets two-wheeled electric vehicles under the XI Mobility brand, distributes non-exclusive Swarovski jewelry items, and sells home appliances under its own private labels.
Last year, Cristallino integrated the Family air conditioner brand into its operations following Rakia Fund's acquisition of the air conditioning company in 2022 for 60 million shekels from the Henig family. Under Rakia's management, the brand has undergone extensive restructuring, serving as a key operational arm for the group.
Rakia Fund and Market Outlook
Rakia Fund, established in 2021 by investment veterans Yossi Ben Shalom, Ravid Kimia, and Lior Kedron, acquired its 50% stake in Cristallino last year at a valuation of approximately 500 million shekels. Cristallino stands as the largest asset in Rakia's seven-company portfolio, which also includes parts manufacturer King, printing firm AVT, and tactical gear maker Schusterman.
While recent market downturns have slowed down the local IPO window following a record-breaking streak earlier this year, several major private companies are pressing ahead with public listings. Notably, infrastructure giant Y.D. Barzani is finalizing a 2.4 billion shekel IPO to raise 1 billion shekels, while other firms including Tnuva and Carrefour are preparing prospectuses despite investor caution.
