Construction company BST Group has filed a draft prospectus for an initial public offering on the Tel Aviv Stock Exchange, seeking to raise 400 million shekels at a company valuation of 2.5 to 3 billion shekels before the offering. The valuation is more than double the 1.1 billion shekel valuation at which Phoenix Finance acquired a 20 percent stake in 2022.

Founded in 1972 and owned primarily by the Tannous family, BST operates in real estate development, construction, and income-producing properties in Canada and the United Kingdom. The company reports a project backlog of 5.3 billion shekels and employed 412 people at the end of 2025. Proceeds from the offering are intended to finance ongoing business and investment activities.

In 2025, BST posted revenue of 1.9 billion shekels, a 24 percent increase from the previous year, though gross profit fell 37 percent to 52.2 million shekels. Shareholders’ equity stood at 733 million shekels at year end. Chairman Rafi Bisker, along with members of the Tannous family, has received significant compensation and holds options that could be worth tens of millions of shekels if the offering proceeds at the targeted valuation.