Tnuva is drafting a prospectus for a first-half 2027 Tel Aviv listing at about NIS 13 billion, with Bright Food and the kibbutz organizations still to agree.
Tnuva, Israel's largest food company, is preparing a Tel Aviv Stock Exchange listing for the first half of 2027 at a valuation of about NIS 13 billion ($4.1 billion), Calcalist reported on November 4, 2026. CEO Gadi Cunia and chairman Haim Gabrieli lead the effort. It needs agreement from Chinese owner Bright Food and from the kibbutz organizations that fought the last attempt.
Last updated: November 13, 2026
Who is behind Tnuva's IPO plan?
Tnuva's management is driving the plan, with its Chinese and kibbutz shareholders involved. Gadi Cunia (גדי קוניא) is Tnuva's chief executive, and Haim Gabrieli (חיים גבריאלי) chairs the board. Golan Hazani of Calcalist reported that the law firm Meitar is drafting the prospectus (תשקיף). Tnuva is expected to meet leading underwriters in the coming weeks.
The board has not yet taken a formal decision, according to Calcalist. Management started preparing in coordination with the Chinese shareholders and the kibbutzim.
Tnuva did not respond to Calcalist's inquiry. It also declined to comment to Globes, which published its own report the same day.
Who owns Tnuva?
Bright Food, the Chinese group, holds about three quarters of Tnuva, and the kibbutz purchasing organizations hold the rest. Calcalist puts the split at 76% and 24%. Globes reports 75% and 25%. Olam uses "about three quarters" until Tnuva publishes the figure in a prospectus.
Bright Food took control in 2015 from Apax Partners and Mivtach Shamir, in a deal that valued Tnuva at NIS 8.6 billion (Globes). Tnuva began in 1926 as a cooperative of kibbutz and moshav dairy farmers, which is why the kibbutzim (הקיבוצים) still hold a large minority stake. Calcalist counts 206 shareholders in total.
Olam's earlier reporting on Bright Food's control of Israeli dairy covers the political side of that ownership. Olam's Kibbutz Industrial Watchlist tracks M&A, IPOs and exits across the wider kibbutz industrial complex.
Why did the last Tnuva IPO attempt stop?
The last attempt stopped in April 2026, when Tnuva halted its IPO process. Calcalist reported the company cited changes in the business environment and reforms in the dairy market. The 206 shareholders decided to focus on an investment plan instead.
That plan is worth NIS 600 million and has three parts:
- a new logistics center in Netivot
- moving the Mama Of plant from Kiryat Shmona to the Sunfrost site in Migdal HaEmek
- an additional milk-processing line at the Rehovot dairy
The stalled attempt was not the first. In 2021, Bright Food sought a listing at NIS 9 to 10 billion, and the kibbutz organizations opposed it, leading to what Globes called a sharp dispute. In late 2025, Cunia told Globes that the decision rested with the shareholders and that Tnuva did not need to raise capital.
Who gets to sell shares in the offering?
The split of who sells shares is the open question that has caused trouble before. Calcalist reports that shareholders may sell part of their holdings in the offering, and that the number of shares each side may sell has been a past source of disagreement.
Globes says the kibbutz organizations opposed the 2021 plan. A listing that includes a secondary sale needs both sides to agree on volume and price. Olam has found no public statement from Bright Food or the kibbutz organizations on the 2027 plan.
Why is Tnuva asking for NIS 13 billion?
Tnuva's asking price rose from about NIS 10 billion to about NIS 13 billion because its results improved and it entered a new category. Calcalist reports revenue rising to nearly NIS 10 billion, and EBITDA of about NIS 1.22 billion against NIS 1.15 billion in 2025, when revenue was NIS 8 billion.
The new category is dietary supplements. About a month before the report, Tnuva launched HOLIS, a probiotics brand built around microbiome research. It has 11 products across nine categories, priced from NIS 60 to NIS 190, per Calcalist.
The core business is still dairy. Tnuva processes roughly one billion liters of milk a year, per Calcalist. It also sells plant-based products under the Alternative brand, frozen meat under Mama Of and Adom Adom, and frozen vegetables under Sunfrost.
Is the Tel Aviv market ready for a Tnuva listing?
The Tel Aviv market took several food IPOs well in 2025, but conditions have weakened since. Calcalist and Globes report these recent food listings:
| Company | Listed | Raised | Valuation at IPO | Market value now (Calcalist) |
|---|---|---|---|---|
| Gad Dairies | September 2025 | NIS 280 million | NIS 725 million | NIS 1.15 billion |
| Baladi | 2025 | NIS 150 million | NIS 750 million | Over NIS 2 billion |
| Sugat | December 2025 | NIS 360 million | NIS 850 million | About NIS 1.15 billion |
Gad is owned by Ezra Cohen and the Green Lantern fund. Baladi is controlled by Erez Dahabani, and Sugat by the Fortissimo fund, per Calcalist.
The wider picture is less friendly. The Tel Aviv Food Index launched last May with 21 stocks worth about NIS 65 billion. Globes said it had lost more than 18% of its value by August. Strauss Group, Tnuva's main rival, is valued at about NIS 13 billion, down from a peak of NIS 17 billion a few months ago, per Calcalist.
Calcalist also notes that market declines during the election period and weakness in the United States have weighed on valuations. A NIS 13 billion Tnuva would be priced level with Strauss, and Globes says it would rank among the largest offerings the exchange has seen.
Olam is following other Tel Aviv listings in the same window, including the Carrefour Israel IPO planned at NIS 750 million to NIS 850 million, and Eyal Ravid's Victory stake request. Olam's map of who owns Israel's supermarket chains shows where Tnuva products reach shoppers. Olam's Israeli IPO Class of 2027 ranks the private companies most likely to list next.
What should readers watch next?
The next checkable step is a formal board decision, which Calcalist says has not been taken. After that come the prospectus filing and the share split between Bright Food and the kibbutz organizations. Olam will track each step against Hebrew-press reports and Tnuva's own filings.
Frequently asked questions
When is the Tnuva IPO?
Tnuva is targeting the first half of 2027, per Calcalist. The board has not formally approved the offering, and earlier plans in 2021 and 2026 did not go ahead.
How much is Tnuva worth in the IPO?
Tnuva is expected to seek about NIS 13 billion, or $4.1 billion, per Calcalist. Globes says the valuation could exceed NIS 10 billion.
Who owns Tnuva?
Bright Food owns about three quarters, and the kibbutz purchasing organizations own the rest. Calcalist reports 76% and 24%, and Globes reports 75% and 25%.
Why did Tnuva stop its 2026 IPO?
Tnuva halted the process in April 2026, citing changes in the business environment and dairy market reforms, per Calcalist. Its shareholders chose to focus on a NIS 600 million investment plan.
Related Olam coverage
Sources
Calcalist on Tnuva's revived IPO plans (November 4, 2026); Globes on Tnuva's flotation plans (November 4, 2026).
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
