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 on Thursday began trading on the Tel Aviv Stock Exchange’s flagship equity indices, Tel Aviv-35 and Tel Aviv-125, which represent a new step in the company’s growing investment in the Israeli market.
Palo Alto Networks is a US-based cybersecurity firm founded by Israeli entrepreneur Nir Zuk, which is currently dual-listed in both the American stock market and the TASE.
“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,” said the company in a statement.
“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,” it added.
According to Calcalist, Palo Alto Networks’ weight in the indices will be capped at 1.25% until November, 2.5% until February of 2027, and 5% after that date, mainly to comply with TASE’s regulations regarding double-listed companies.
The Israeli finance outlet also reported that the move is expected to create NIS 800 million in Exchange-Traded Funds (ETFs) demand, while the main ETFs operating in these indices are expected to execute some NIS 7 billion in order to adjust their holdings.
Palo Alto Networks becomes TASE’s most valuable company
Palo Alto Networks has been TASE’s most valuable company since it was listed on the stock exchange back in February, with its valuation representing 25% of the total value of the exchange.
The cybersecurity giant Palo Alto Networks decided to become a dual-listed company -with stocks also available on NASDAQ- as part of its acquisition of the Israeli cybersecurity platform CyberArk.
The listing will also honor CyberArk, with Palo Alto Networks using the ticker CYBR on the TASE listing instead of its Nasdaq ticker PANW.
“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),” the company said in a statement.
According to Globes Israel, the total deal to acquire CyberArk was worth $21.5 billion, with Palo Alto paying $45 per share of CyberArk and 22005 shares of PANW to stockholders of the Israeli company.
