Almadev Real Estate Inc. completed its initial public offering on the Tel Aviv Stock Exchange (TASE), listing under the ticker ALRE. The company raised approximately NIS 340 million in exchange for 30 percent of its shares, at NIS 8 per share plus a warrant, reflecting a pre-money equity valuation of NIS 800 million (excluding the value attributable to the warrants, which would lower the effective valuation further). The transaction was downsized from the company's original plan, which had contemplated raising approximately NIS 300 million at a pre-money valuation of NIS 1.5 billion; the company compromised on valuation to complete the offering with Israeli institutional investors. The offering was led by Leader Capital Markets as lead underwriter. Almadev intends to use the proceeds to advance its development projects and to repay two loans totaling approximately C$95 million (NIS 206 million). Almadev is the new corporate identity of Elad Canada, which was previously listed on the TASE between 2010 and 2013 and which subsequently issued debt on the TASE in 2018–2019 (NIS 847 million) and 2024–2025 (NIS 790 million); the listing represents the company's return to equity markets in Tel Aviv. The company is wholly owned by Rester Management, a Montreal-based family-controlled real estate group with over a century of history, which acquired Elad Canada Realty Inc. in June 2021 in a transaction valued in excess of C$1.3 billion (including assumption of debt). Almadev is active in residential real estate in Canada and in upgrading income-producing assets in Canada and the United States, with nearly 10,000 housing units at various stages of construction and development, income-producing assets generating annual NOI of NIS 159 million, and a real estate portfolio valued at approximately C$2.8 billion (NIS 6.2 billion).