Kenon Holdings plans to list IC Power in New York -report
TEL AVIV, June 24 (Reuters) - Kenon Holdings plans to list its power station IC Power on the New York Stock Exchange at a valuation of $1.5 billion at the end of this year or the start of 2016, the Calcalist financial news website said on Wednesday.
Kenon, spun off from holding company Israel Corp earlier this year, owns 100 percent of IC Power, which develops and operates power plants in Latin America, the Caribbean and Israel.
Calcalist said that the Bank of America, Merrill Lynch and Credit Suisse were tapped to underwrite the offering.
A spokeswoman for Kenon declined to comment on the report.
Kenon also holds 50 percent of Chinese car maker Qoros, 24 percent of chip maker TowerJazz and 32 percent of Zim shipping. Kenon plans to distribute some or all of its shares in TowerJazz as a dividend to shareholders.
Calcalist said the valuation Kenon wants for IC Power is based on its earnings before interest, tax, depreciation and amortisation, which in the first quarter was $79 million, reflecting annual EBITDA of $316 million.
IC Power's revenue in the first quarter was $322 million, down from $325 million a year earlier. (Reporting by Tova Cohen; Editing by Mark Heinrich)
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