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Arad Towels IPO. (initial public offering)

Towel manufacturer Arad Towels Ltd (Arad) expects to net 17,732,000 New Israeli Shekels (NIS) from its initial public offering of 1.8 million common stock shares and 2,550,000 registered warrants. Arad began offering the securities in units consisting of 51 warrants and 36 shares at the Tel Aviv Stock Exchange on Jul 6, 1993 for a minimum unit price of 396 NIS. Before sales opened, institutional investors pledged to purchase 20,000 units at the maximum price of 450 NIS.

Arad Towels Ltd came out with an IPO on the TASE on July 6. The IPO consisted of 1.8 million shares of common s

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