The wave of IPOs on the Tel Aviv Stock Exchange (TASE) continues in full swing. A day after real estate giant Tidhar filed its first draft prospectus, construction company BST Group, owned by the Tannous family (80%) and the Phoenix Finance (TASE: PHOE) (20%), has also done so. The company seeks to raise NIS 400 million at an ambitious company valuation of NIS 2.5-3 billion, before the money. This is more than double the valuation at which Phoenix purchased its shares in 2022 – at a valuation of NIS 1.1 billion, after money.
BST was founded in 1972, and operates in real estate development and construction, as well as income-producing real estate overseas (in Canada and to a lesser extent in the UK). It has a backlog of orders of NIS 5.3 billion and at the end of 2025 had 412 employees.
The flotation is being led by Zvika Manes’s Barak Capital underwriting company, alongside Phoenix Underwriting and Leader. BST plans to use the money to “finance its business activities” and to carry out “investment activities… for project support agreements.”
A central figure at BST today is Rafi Bisker, who has served as chairman since 2019 with a 60% position. Bisker was previously a senior executive at Nochi Dankner’s IDB Group, where he was chairman Property and Building, Bayside and Shufersal. Bisker has options for 3% of BST’s shares, so that the value of his exercise shares after the offering (fully diluted) could reach NIS 75 to 90 million.
The value of the holdings is in addition to the NIS 22.7 million that Bisker received from Phoenix when it invested in the company, for 2% of BST’s shares that he held at the time. In addition, Bisker has also received salary from the company totaling NIS 6.5 million. The highest-paid employees at BST are owners Elias, Alla and Wasim Tannous, who have drawn salaries with an accumulated cost of nearly NIS 23 million in the past two years.
24% increase in revenue
In 2025, BST reported revenue of NIS 1.9 billion, up 24% from 2024, but lower gross profit, which fell 37% to NIS 52.2 million. Its equity, as of the end of last year, stands at NIS 733 million.
The projects built by BST over the years includes the Sammy Ofer Stadium in Haifa, Azrieli Center in Holon, the Menorah Mivtachim Building in Ramat Gan, the ToHa Tower in Tel Aviv for Amot and Bayside, Azrieli Town, Gindi Mall TLV, Global Towers in Petah Tikva, the Rothstein Towers, the Palo Alto offices in Tel Aviv, Amazon in Haifa, and the Phoenix Campus in Rishon Lezion.
Published by Globes, Israel business news – en.globes.co.il – on May 19, 2026.
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