Carrefour Israel IPO: Zalkinds Halve Stake, Ravid Circles

Carrefour Israel is preparing a Tel Aviv IPO at an expected valuation of NIS 750 million to NIS 850 million, and its largest shareholder, Electra Consumer Products, is expected to sell about half its 49.5% stake, Bizportal reported on November 3, 2026. Electra Consumer is controlled by the brothers Mickey and Danny Zalkind. Victory CEO Eyal Ravid has asked the Competition Authority whether his chain may buy shares in the offering.

What did Bizportal report about the Carrefour Israel IPO?

Bizportal reported that the Carrefour Israel IPO is nearing a decision point at a lower valuation than shareholders had hoped. The expected range of NIS 750 million to NIS 850 million sits below the NIS 900 million discussed in recent months.

The offering would sell more than 30% of the chain's shares. Electra Consumer Products is expected to sell about half of its holding and fall to roughly 24.9%, which ends its control of the chain. The move is tied to Israel's Concentration Law, enacted in 2013, which limits public-company pyramids to two layers.

The planned raise is NIS 350 million to NIS 400 million. About half would go to the company to cut debt, and about half would go to Electra Consumer in a secondary sale. Carrefour Israel's financing costs run about NIS 50 million a year, Bizportal said, so debt reduction is a central goal.

Phoenix Underwriting is the lead underwriter and is expected to place the shares mostly with institutional investors. In March, the chain completed a NIS 100 million raise from existing shareholders, after outside investors asked to come in at a valuation of only NIS 700 million to NIS 750 million.

Who owns Carrefour Israel today?

Four shareholders hold Carrefour Israel, according to Bizportal, and Electra Consumer Products is the largest at about 49.5%.

According to Olam's earlier profile of the chain, Carrefour Israel launched on May 9, 2023, under a 20-year master franchise that Electra Consumer signed in 2022. Electra converted the Yeinot Bitan and Mega stores it owned into Carrefour Hyper, Market and City formats. Carrefour SA supplies the name and private-label range, while Electra runs the stores.

Inbal Hasson (ענבל הרסון) recently became head of Carrefour Israel, Bizportal noted. For the ownership of every major chain, see Olam's guide to who owns Israel's supermarket chains.

How does Carrefour Israel compare with Victory?

Carrefour Israel has about twice as many branches as Victory and roughly 30% more first-half revenue, according to Bizportal.

The last two rows come from the Olam Answer Index for supermarkets, which ran eight Hebrew buying prompts across five AI engines and logged 131 brand mentions. Neither chain was the top answer to any prompt. Victory's share of citations is more than double Carrefour's, even though Carrefour has twice the branches.

Why is Victory's Eyal Ravid circling Carrefour Israel?

Victory CEO Eyal Ravid is circling Carrefour Israel because a stake bought in the IPO could become a base for a later bid for control. Bizportal reported that Victory asked the Competition Authority for a pre-ruling, an early review of a planned move before the company commits to it.

The approval is needed because the two chains compete. Any retailer that wants shares in a direct competitor, even a small stake, needs the authority's green light. Industry estimates cited by Bizportal put the stake Victory is weighing at 5% to 10%, which could later be extended by buying shares from other holders.

The two chains have history. Late in 2025 and early in 2026, they negotiated a merger for about two months. The outline gave Carrefour's shareholders new Victory shares so each side would own half of the combined company, with Ravid running it. The talks collapsed in January over who would lead the company and over the valuation ratio, Bizportal said.

Ravid is also a defendant in the Competition Authority's price-coordination case, which is being heard at the Lod District Court, according to Hebrew press reports. Olam's coverage of Victory and Eyal Ravid explains the case and the Ravid family's control of the chain.

Can Victory become Carrefour Israel's largest shareholder?

Victory is unlikely to become the largest shareholder through the IPO alone, because Electra Consumer is expected to remain the biggest holder at about 24.9%. Phoenix Underwriting plans to spread most of the shares among institutions, so a 5% to 10% stake would sit well below Electra's.

A larger Victory position would have to come from buying shares from existing holders. Bizportal also said Nahum Bitan is reportedly interested in raising his own stake, so Ravid may face a second suitor for any shares that come to market.

Victory's falling value also weakens an equal merger. Its market value dropped from about NIS 765 million in January to about NIS 553 million, and Bizportal concluded that an equal-share merger has almost left the table if Carrefour is priced as expected.

What does the market backdrop mean for the offering?

The backdrop is weak for retail listings: the Tel Aviv exchange has been volatile around the elections, and retail chain shares are at six-month lows, Bizportal said.

Against that, Bizportal lists the larger chains' values at about NIS 9 billion for Shufersal, about NIS 4.6 billion for Yochananof and about NIS 4.4 billion for Rami Levy. A valuation of NIS 750 million to NIS 850 million therefore looks like a discount to the big three.

Investors will focus on one question, according to Bizportal: whether Carrefour Israel's improved profitability holds after the IPO proceeds reduce its debt.

What should readers watch next?

Five developments will show how the Carrefour Israel IPO plays out. The sources reviewed give no pricing date.

1. The prospectus and final pricing, inside or outside the NIS 750 million to NIS 850 million range.
2. The Competition Authority's answer on Victory's pre-ruling request.
3. Whether Nahum Bitan raises his 23% stake.
4. How many shares Electra Consumer sells, compared with the expected fall to 24.9%.
5. Whether merger talks between Carrefour Israel and Victory resume.

סיכום בעברית

קרפור ישראל מתקדמת להנפקה בבורסה בתל אביב לפי שווי צפוי של 750 עד 850 מיליון שקל, נמוך מ-900 מיליון השקלים שדובר עליהם. אלקטרה צריכה, בשליטת האחים מייקי ודני זלקינד, צפויה למכור כמחצית מהחזקתה (כ-49.5%) ולרדת לכ-24.9%. ויקטורי של אייל רביד פנתה לרשות התחרות בבקשה לבדיקה מוקדמת לקראת רכישת מניות בהנפקה. המקור: ביזפורטל, 3 בנובמבר 2026.

Frequently asked questions

When is the Carrefour Israel IPO?

The sources reviewed give no pricing date. Globes reported earlier that the offering was planned for November, and Bizportal said on November 3 that it is nearing the decision stage.

How much is Carrefour Israel worth in the IPO?

Bizportal reported an expected valuation of NIS 750 million to NIS 850 million, below the NIS 900 million discussed in recent months.

Who owns Carrefour Israel?

Electra Consumer Products holds about 49.5%, Nahum Bitan about 23%, Simon Pinto about 15% and Phoenix about 13%, according to Bizportal. Electra Consumer is controlled by Mickey and Danny Zalkind.

Why does Victory need Competition Authority approval?

Victory and Carrefour Israel are competing supermarket chains, and a retailer needs the authority's approval to hold shares in a direct competitor, even a small stake.

Who runs Carrefour Israel?

Inbal Hasson recently became head of Carrefour Israel, according to Bizportal.