Palo Alto Networks starts trading on Tel Aviv Stock Exchange's top indices with NIS 800m. move
The cybersecurity giant's addition to the TA-35 and TA-125 is expected to generate NIS 800 million in ETF demand and deepen its Israeli presence here.
Palo Alto Networks, a US-based cybersecurity firm founded by Israeli entrepreneur Nir Zuk, began trading on the Tel Aviv Stock Exchange's (TASE) flagship equity indices, Tel Aviv-35 and Tel Aviv-125, on Thursday. This move signifies the company's increased investment in the Israeli market and its confidence in local talent. The company stated, "Our secondary listing on the Tel Aviv Stock Exchange reflects our confidence in Israeli talent and innovation."
- The company's weight in the indices will be capped at 1.25% until November, 2.5% until February 2027, and 5% thereafter, adhering to TASE regulations for dual-listed companies.
- This move is projected to generate NIS 800 million in Exchange-Traded Funds (ETFs) demand, with main ETFs adjusting holdings by approximately NIS 7 billion.
- Palo Alto Networks has been TASE's most valuable company since its February listing, representing 25% of the exchange's total value.
- The dual listing, which also includes NASDAQ, was part of its acquisition of Israeli cybersecurity platform CyberArk, using the ticker CYBR on TASE to honor CyberArk's heritage.
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