Success in the early stage of issuing Cellcom shares and options: chose NIS 300 million

Success in the early stage of issuing Cellcom shares and options. In the institutional tender, demand for NIS 505 million was recorded, of which Cellcom chose to accept NIS 300 million in bids.
The fundraising framework includes the issue of units, including shares of Cellcom and two series of options exercisable for Cellcom shares. Globes learned that the allotment was made at the price at which Cellcom closed the trading on the stock exchange this evening, with orders quoted at that price only receiving a response rate of 38.35%, due to the high price.
Discount Investment, which holds 44% of Cellcom's shares and 47% of its voting rights, chose to participate in the offering and purchased shares at the same rate as its holding. The fundraiser was led by Epsilon Underwriting and IPO, which is under the control of Discount Investments.
As competition in the domestic telecommunications market intensifies, Cellcom is eroding its business results. Against this backdrop, the company announced its plan to restructure, which includes a reduction of NIS 150 million in its annual expenses, including through significant reductions in expenses and payments to suppliers and a reduction in manpower; Reduction in investments to NIS 450-500 million per year; Repurchase of bonds for NIS 150 million, and additional steps.