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Palo Alto Networks starts trading on Tel Aviv Stock Exchange's top indices with NIS 800m. move

From Jerusalem Post · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Cybersecurity firm Palo Alto Networks began trading on the Tel Aviv Stock Exchange's main indices, TA-35 and TA-125.
  • The move signifies the company's growing investment and confidence in the Israeli market and its innovation ecosystem.
  • This secondary listing is expected to generate significant demand in Exchange-Traded Funds and deepen the company's presence in Israel.

Palo Alto Networks, a prominent U.S.-based cybersecurity company founded by Israeli entrepreneur Nir Zuk, has expanded its presence in Israel by commencing trading on the Tel Aviv Stock Exchange's (TASE) flagship equity indices, the Tel Aviv-35 and Tel Aviv-125. This dual listing marks a significant step in the company's deepening investment in the Israeli market.

Our mission at Palo Alto Networks is to be the natural partner in information security and protect our digital lifestyle. Our secondary listing on the Tel Aviv Stock Exchange reflects our confidence in Israeli talent and innovation, which are at the forefront of the world. We are proud to officially join the exchange's flagship indices.

— Palo Alto NetworksThe company's official statement on its secondary listing on the Tel Aviv Stock Exchange.

"Our mission at Palo Alto Networks is to be the natural partner in information security and protect our digital lifestyle," the company stated. "Our secondary listing on the Tel Aviv Stock Exchange reflects our confidence in Israeli talent and innovation, which are at the forefront of the world. We are proud to officially join the exchange's flagship indices." The company emphasized its commitment to Israel, noting its employment of thousands of professionals and its role in the local technology ecosystem.

The listing is anticipated to stimulate approximately NIS 800 million in demand for Exchange-Traded Funds (ETFs). Major ETFs tracking these indices are expected to adjust their holdings, potentially trading around NIS 7 billion to accommodate the new listing. Palo Alto Networks' weight in the indices will be gradually increased according to TASE regulations, starting at 1.25% until November and reaching 5% by February 2027.

As an organization that employs thousands of excellent professionals in Israel, we are proud to be part of the local technology ecosystem. This milestone reinforces our long-term commitment to continue investing in Israel, expanding our presence here, and deepening our partnership with the Israeli innovation community, as part of shaping the future of cyber.

— Palo Alto NetworksPalo Alto Networks expresses its commitment to Israel and its technology sector.

Palo Alto Networks has been the most valuable company on the TASE since its initial listing in February, representing a substantial 25% of the exchange's total valuation. The company's decision to pursue a secondary listing on TASE follows its acquisition of the Israeli cybersecurity platform CyberArk, and it will use the ticker CYBR on the Israeli exchange, honoring CyberArk's heritage.

Building on CyberArk's heritage and Israel's position as a global cybersecurity powerhouse, Palo Alto Networks announces its intent to pursue a secondary listing on the Tel Aviv Stock Exchange (TASE).

— Palo Alto NetworksPalo Alto Networks announces its intention for a secondary listing, referencing CyberArk and Israel's cybersecurity strength.
DistantNews Editorial

Originally published by Jerusalem Post. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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