Marina Mushrooms plans IPO at NIS 1b valuation

The company founded by Remo Ben Shushan in the 180s is now one of the biggest growers and distributors of fresh produce in Israel.

In early 2026, a wave of flotations of food companies is expected. Besides the flotation of Tnuva, which has been examined in the past few months but about which no decision has yet been made, the flotation of food importer Sugat, controlled by private equity firm Fortissimo, is on the agenda, and the company is gearing up to issue a prospectus. In addition, Marina Galilee Mushrooms, founded by Remo Ben Shushan, is working on a prospectus on the basis of its third quarter financials, with the aim of making an IPO in February next year.

Market sources estimate that a draft prospectus will be published by the end of this year. Ben Shushan, together with Richard Hunter’s Green Lantern fund, which has a 33% stake in the company, Discount Capital Underwriting (20%) and other shareholders have begun to promote the flotation, on the basis of the investment agreement with Green Lantern and Discount Capital Underwriting.

In November 2021, Green Lantern and Discount Capital bought 50% of Marina Galilee Mushrooms for NIS 150 million. Under the investment agreement, the company was to be floated on the stock exchange within five years, and so now, four years later, the parties are preparing to complete the move, taking advantage of the high prices on the stock market and also the taste of investment institutions for well established industrial, service, and real estate companies.

Marina Galilee Mushrooms grows mushrooms for sale to supermarkets and restaurants. It also grows fruit and vegetables. Its owners aspire to a valuation in the flotation of at least NIS 1 billion for the company, which had EBITDA of NIS 100 million last year, up from NIS 30 million at the time that Green Lantern made its investment.

To raise NIS 220-260 million

The shareholders in Marina Galilee Mushrooms plan to use the proceeds of the flotation, some NIS 220-260 million, to acquire Onot, which has similar activity, although such a deal will be looked at by the Competition Authority. The flotation of Marina Galilee Mushrooms will be led by Discount Capital Underwriting and Barak Capital Underwriting.

Remo Ben Shushan founded Marina Galilee Mushrooms in the 1980s. It began as a local distributor of fresh mushrooms from growers in the Western Galilee. Growing mushrooms agriculturally was then an innovative business, and the company developed over the years and set up a mushroom farm at Moshav Me’ona in the Galilee. Today, Marina Galilee Mushrooms is one of the largest companies in Israel in growing and marketing fresh produce, specializing in daily chilled distribution.

Published by Globes, Israel business news - en.globes.co.il - on November 3, 2025.

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