TASE / Israeli Public Markets: Dual-Listings, Foreign Private Issuers, and the Institutional Capital Base

The Tel Aviv Stock Exchange, the Israeli dual-listing landscape, and the public-markets capital base.

Quick Answer

Over 80 Israeli or Israeli-founded companies hold active US exchange listings — making the Israeli cohort one of the larger national presences on Nasdaq outside the US itself. TASE itself anchors Israeli domestic equity through the TA-35 and TA-125 indices, supported by an institutional capital base (kupot gemel, kranot hishtalmut, insurance, pension) at multi-hundreds of billions of shekels in scale. Beyond finance, TASE serves as a national economic barometer followed by investors, founders, and policymakers across Israel.

Key Facts

• Over 80 Israeli or Israeli-founded companies hold active US exchange listings — Nasdaq or NYSE — as Foreign Private Issuers or US-domiciled entities.
• TASE main indices: TA-35 (35 largest companies), TA-125 (broad market), TA-90 (mid-cap).
• Dual-primary listings include the major Israeli banks (Leumi, Hapoalim, Mizrahi-Tefahot), ICL Group, Teva, and additional cohort.
• Israeli institutional capital (kupot gemel, kranot hishtalmut, insurance, pension) holds a multi-hundreds-of-billions-of-shekels asset base anchored substantially in TASE-listed securities.
• The Israel Securities Authority (ISA) regulates the public markets; the Capital Market, Insurance and Savings Authority regulates the broader institutional capital base.

---

The TASE structure

The Tel Aviv Stock Exchange operates as Israel's primary domestic equity exchange.

Indices. TA-35 anchors large-cap; TA-125 covers broader market; TA-90 covers mid-cap; sector indices (TA-Banks, TA-Technology, TA-Real Estate) anchor sector rotation.

Trading hours. Sunday through Thursday — matching the Israeli work week — with overlap with European morning trading and pre-US opening hours.

Listing tiers. Main listing tier alongside a smaller-cap and innovation-focused secondary tier.

Regulator. The Israel Securities Authority (ISA) — Israeli equivalent of the US SEC.

TASE has operated continuously since 1953 (with predecessor exchanges back to 1935).

The dual-listing landscape

A substantial cohort of major Israeli companies hold dual-primary listings — meaning the company maintains primary listings on both TASE and a US exchange (typically Nasdaq, occasionally NYSE), with full reporting obligations to both.

Companies include:

• Major Israeli banks — Leumi (TASE:LUMI/NYSE), Hapoalim (TASE:POLI), Mizrahi-Tefahot (TASE:MZTF), Discount (TASE:DSCT), First International (TASE:FIBI)
• Major Israeli industrials — ICL Group (TASE:ICL/NYSE), Teva (TASE:TEVA/NYSE)
• Technology — variable cohort across the dual-listing tier

The structure enables Israeli companies to tap both Israeli domestic capital (institutional kupot gemel and kranot hishtalmut allocations) and US public-market capital.

The US-exclusive Israeli cohort

A larger parallel cohort of Israeli-founded companies lists only on US exchanges, typically as Foreign Private Issuers (FPI) under SEC Rule 405 or as US-domiciled entities (Delaware C-Corps with Israeli operating subsidiaries).

The US-exclusive group includes most of the larger Israeli-founded technology companies — Wix, monday.com, Mobileye (post-2022 spin-off), Fiverr, JFrog, Lemonade, Pagaya, Playtika, eToro, Outbrain/Teads, Payoneer, Taboola, Tower Semiconductor, and dozens more.

The FPI route gives Israeli-founded companies modified US public-company disclosure requirements (semiannual rather than quarterly reporting, modified executive compensation disclosure) while maintaining full US exchange listing.

The institutional capital anchor

Israeli institutional capital provides the structural anchor of TASE-listed-securities ownership.

Kupot Gemel and Kranot Hishtalmut. The Israeli supplementary pension and education-fund vehicles, with mandatory and quasi-mandatory employer-employee contribution mechanics, accumulate multi-hundreds of billions of shekels across the major management groups (Migdal, Clal, Harel, Phoenix, Menorah Mivtachim, others).

Insurance and pension. The major Israeli insurance and pension management groups operate the broader institutional capital pool.

Mutual funds. Israeli mutual-fund vehicles (Keren Neamanut) anchor retail-investor exposure.

The base has expanded materially across 2010–2026 as Israeli household savings and pension contributions have compounded.

The Israeli IPO cycle

The cycle moves with global cycles but carries Israel-specific dynamics.

2020–2022 peak. Israeli IPO and SPAC activity peaked alongside the global cycle. monday.com, JFrog, Lemonade, Pagaya, and a broader cohort listed on Nasdaq during the window.

2023–2025 reset. Israeli IPO activity declined alongside the broader global reset. Several pre-announced offerings were delayed or restructured.

2026 partial rebound. Selected Israeli-founded companies returned to public-market activity through 2026, with the rebound concentrated in the higher-quality cohort.

Topic tracks

1. TASE Structure — TA-35, TA-125, TA-90, regulatory framework
2. Dual-Primary Listings — banks, industrials, technology
3. Foreign Private Issuer Path — US-exclusive Israeli cohort
4. The Israeli Institutional Capital Base — kupot gemel, kranot hishtalmut, insurance, pension
5. The Israeli IPO Cycle — 2020–2026 history and the rebound
6. Israeli ADRs and US Listings — Nasdaq and NYSE Israeli cohort
7. The Israel Securities Authority — regulatory framework

Why this sub-cluster exists

Israeli public markets anchor a meaningful portion of the institutional capital base of the Israeli economy and the public-listing exit channel of Israeli venture-backed companies. The sub-cluster covers both.

Source data: TASE public disclosures; Israel Securities Authority publications; Capital Market, Insurance and Savings Authority publications; SEC EDGAR for US-listed Israeli entities; Bank of Israel; coverage in Calcalist, Globes, TheMarker, Bloomberg, Reuters. Data current as of Q2 2026.