Nasdaq for valuation. TASE for inclusion, distribution, and tax. The economic logic of why Israeli growth companies maintain both listings.
Nasdaq for valuation. TASE for inclusion, distribution, and tax. The economic logic of why Israeli growth companies maintain both listings.
Dual listing — primary on a major U.S. or European exchange, secondary on the Tel Aviv Stock Exchange — has been the default structure for large Israeli growth companies for two decades. The logic is unchanged. And the numbers keep reinforcing it: dual-listed Israeli stocks represented 22% of TASE's total market capitalization in 2025, valued at approximately $114 billion.
Why It Matters
- Nasdaq for valuation, liquidity, and U.S. investor access
- TASE for TA-35 inclusion and Israeli institutional buying
- Section 102 cleaner tax treatment for Israeli employees
- Domestic retail can access TASE shares directly
- Pension and savings vehicles allocate higher to TASE-listed names
The dual-listing roster
The names tell the story. Check Point Software (NASDAQ: CHKP), Nice Ltd. (NASDAQ: NICE), Wix (NASDAQ: WIX), Tower Semiconductor (NASDAQ: TSEM), Teva Pharmaceutical (NYSE: TEVA), Elbit Systems (NASDAQ: ESLT), SolarEdge Technologies (NASDAQ: SEDG), ZIM Integrated Shipping (NYSE: ZIM), and Sapiens International (NASDAQ: SPNS) all carry both listings. Teva, Elbit, and Tower alone account for roughly $76 billion of the dual-listed market cap on TASE.
The latest addition: Palo Alto Networks announced in February 2026 that it would dual-list on TASE under the ticker "CYBR" following its $25 billion acquisition of CyberArk — honoring, in its own words, "CyberArk's Israeli roots and our commitment to the local tech ecosystem." At $115 billion market cap, Palo Alto became the largest company by valuation on the TASE. Alpha Tau Medical (NASDAQ: DRTS) followed in August 2026, registering for dual listing to expand access for Israeli institutional and retail investors.
Why companies primary-list on the Nasdaq (or NYSE)
Liquidity. U.S. equity markets offer dramatically deeper daily trading volume than the TASE, particularly for technology and growth names. Average daily turnover on Nasdaq dwarfs TASE by orders of magnitude in the tech sector.
Valuation. U.S. comparable analysis typically yields higher multiples for high-growth Israeli technology companies than Israeli comparable analysis. The U.S. tech premium reflects a deeper bench of growth-oriented institutional buyers willing to pay forward multiples for category leaders.
Investor base. U.S. institutional investors — the largest pool of global growth equity capital — concentrate analyst coverage and capital allocation on U.S.-listed names. A Nasdaq listing puts an Israeli company into the coverage universe of Goldman Sachs, Morgan Stanley, JPMorgan, and the major U.S. tech-sector analysts.
Capital raising. Follow-on offerings and convertible issuance are deeper and more execution-friendly in U.S. markets. The bookbuilding infrastructure, the shelf registration regime, and the depth of aftermarket support are structurally superior for growth-stage equity issuance.
Why companies secondary-list on the TASE
TA-35 inclusion. Inclusion in the TASE blue-chip index forces Israeli institutional buying — the Big Five insurers (Harel, Migdal, Clal, Phoenix, Menora Mivtachim) and the leading asset houses passively or semi-passively track Israeli indices. Index-driven buying creates a structural bid under the stock that doesn't exist on the Nasdaq side.
Domestic retail access. Israeli retail investors can buy TASE-listed shares without navigating U.S. brokerage and tax compliance friction. A TASE study found that TASE-listed stocks increased 68% versus 55% for Nasdaq-only listings — the "home factor" of local investors preferring domestic-exchange access.
Employee compensation. Israeli employees receiving stock-based compensation face cleaner tax treatment on TASE-listed shares under Section 102 of the Israeli Income Tax Ordinance. Section 102 provides a capital-gains pathway (25% rate) on equity grants held through an approved trustee, versus ordinary income rates that can exceed 50%. The trustee mechanism works more cleanly when the underlying shares are TASE-listed.
Israeli capital allocation. Israeli institutional capital — pension funds, gemel, keren hishtalmut — has structurally higher allocation to TASE-listed names than to dual-listed names quoted in foreign currency. Shekel-denominated trading, local clearing, and domestic regulatory familiarity all reduce friction for Israeli allocators.
The institutional math
The 2022 NYSE–TASE Memorandum of Understanding on dual listings formalized what the market already practiced: the two exchanges cooperate to streamline the dual-listing process for Israeli companies. The MOU reduced administrative friction and signaled institutional endorsement of the model from both sides.
Ten dual-listed Israeli companies achieved share yields exceeding the TA-125 index's 51% yield in 2025. Top performers included Lineage Cell Therapeutics (175.8% annual yield), Enlight Energy (129.6%), and Kenon Holding (101.2%). The data undercuts the assumption that dual listing dilutes performance — in practice, the two-exchange structure captures both U.S. growth-capital pricing and Israeli institutional demand simultaneously.
Where the pattern breaks down
- U.S.-based management. Pure global growth companies sometimes skip the TASE entirely, especially when founder and management are U.S.-based and the Israeli operating presence is limited. Many Israeli-founded SaaS companies with Silicon Valley headquarters have chosen Nasdaq-only listings.
- Pure domestic businesses. Israeli banks (Leumi, Hapoalim, Discount), insurers, real estate developers, telecom operators (Bezeq, Cellcom, Partner), and utilities typically primary-list only on the TASE.
- Reverse pattern. Israeli companies primary-listing in Israel and secondary-listing in the U.S. — exists but is rare. The U.S.-primary/TASE-secondary sequence is the overwhelming default.
- London alternative. Some Israeli companies — notably in the gaming and gambling sectors — have chosen LSE listings over Nasdaq. 888 Holdings / Evoke and Playtech both listed in London, reflecting the UK market's deeper familiarity with the regulated gambling sector.
The bottom line
Dual listing reflects an economic reality: Israeli growth companies operate in two capital markets simultaneously. The Nasdaq listing prices the company globally. The TASE listing captures Israeli institutional and retail demand and embeds the company in the domestic capital allocation system. $114 billion in dual-listed market cap says the model works.
Two listings. Two capital markets. One company.
FAQ
Why do Israeli companies dual-list on Nasdaq and TASE?
Nasdaq for liquidity, valuation, and U.S. investor access. TASE for index inclusion, domestic retail access, Israeli institutional capital, and favorable employee compensation tax treatment under Section 102.
What is dual listing?
Dual listing is the practice of having a company's shares simultaneously listed on two exchanges. For Israeli growth companies, this typically means a primary U.S. listing (Nasdaq or NYSE) and a secondary TASE listing.
How many Israeli companies are dual-listed?
Dozens of Israeli companies maintain dual listings. They represented 22% of TASE's total market capitalization in 2025 — approximately $114 billion — with the largest being Teva, Elbit Systems, and Tower Semiconductor.
Do all Israeli tech companies dual-list?
No. Many Israeli technology companies list only on the Nasdaq. Dual listing is more common among larger Israeli growth names with material Israeli operations and Israeli investor demand. Companies with U.S.-based management and limited Israeli operations often skip the TASE listing.
What are the benefits of a TASE listing for a U.S.-listed Israeli company?
TA-35 index inclusion forces Israeli institutional buying. Israeli retail can access shares directly. Section 102 stock-based compensation treatment for Israeli employees is cleaner. Israeli institutional capital allocations are higher to TASE-listed names. And TASE data shows dual-listed stocks have outperformed Nasdaq-only listings in trading volume growth.
What is the largest dual-listed company on TASE?
As of 2026, Palo Alto Networks — which dual-listed on TASE following its $25 billion acquisition of CyberArk — is the largest company by market capitalization on the exchange, at approximately $115 billion.