TASE UP

TASE UP is a trading platform operated by the Tel Aviv Stock Exchange (TASE) for securities accessible to institutional and other qualified investors. It allows eligible issuers to raise capital or list securities for trading while remaining outside the ordinary public-company disclosure framework. Its infrastructure draws on TASE’s trading and clearing systems.^[1]

Purpose and place in the Israeli market

TASE describes TASE UP as an arena in which companies can remain private while their securities trade on an exchange-operated platform. The distinction is important: the availability of a security for trading on TASE UP does not, by itself, mean that its issuer has made an initial public offering or become a publicly reporting company. According to TASE, an eligible private company listing securities on the platform is not required to publish a prospectus for that listing and is not subject to the ongoing disclosure requirements that apply under the Israeli Securities Law to public offerings and reporting companies.^[1]

The platform combines two features that are often treated separately: restricted access to an investment and an organized facility for subsequent trading. An issuer can seek capital from the permitted investor population, while holders of its securities may have a route to transfer them through TASE’s trading infrastructure. This does not mean that a buyer will necessarily be available whenever a holder wishes to sell. TASE identifies potential liquidity as a feature of the platform, but the presence of a trading venue is different from a guarantee of trading volume or an executable price.^[1][4]

TASE UP should therefore be distinguished from the ordinary public share and bond markets of the Tel Aviv Stock Exchange. The markets use related infrastructure, but TASE UP has a different investor population and a different disclosure model. It is also not a stock index, investment fund or separate corporate issuer; it is a venue for eligible securities. TASE separately describes a professional market for privately placed bonds and convertible securities traded between institutional investors through TACT Institutionals, another arrangement that should not be assumed to have identical admission or trading terms.^[1][5]

Eligible issuers and securities

TASE identifies credit funds, technology and biomedical companies, and venture-capital funds among the entities that may issue securities on TASE UP. Its description of the platform also refers to real-estate and other companies. The instruments it lists as eligible are shares, warrants, bonds, convertible bonds and participation units. That range means an investor’s rights depend on the particular instrument: a share, a debt claim and a fund participation unit do not represent the same legal or economic interest.^[1]

The platform is not limited in concept to raising new money. TASE’s published listing process explicitly says that certain capital-raising stages can be skipped when there is no parallel capital raise. A listing can thus be considered separately from a primary issuance, although the admission process still requires the relevant documentation, arrangements and fees described by the exchange. Conversely, an issuer that does raise money must arrange the offering and distribution to eligible investors as well as the subsequent listing.^[2]

For a fund, the characteristics of its units matter alongside the fact that they can trade. TASE’s frequently asked questions state that a fund unit’s last market price can be above or below the fund’s net asset value because the market price reflects supply and demand. The same FAQ says venture-capital-fund participation units cannot be listed before they have been fully paid. These points illustrate why admission to an exchange-operated platform does not eliminate the need to distinguish a security’s trading price from the terms and underlying value of the interest it represents.^[3]

Investor eligibility and visibility

TASE states that the permitted participants include qualified investors under the First Schedule to Israel’s Securities Law, 1968; institutional investors; venture-capital and other private-equity funds; and corporations meeting the law’s applicable minimum-capital requirements. Eligibility is consequently a condition of transacting on the platform, rather than merely a description of its typical users. Access to TASE UP should not be equated with an invitation to the general investing public to buy its securities.^[1]

There is a distinction between seeing market information and being allowed to trade. TASE’s FAQ says that people who are neither institutional nor qualified investors may view corporate valuations on the platform but cannot transact there. Public visibility of a displayed figure is not the same thing as access to the issuer’s complete financial information. It also does not change the investor-eligibility requirements that TASE sets out for trading.^[1][3]

TASE describes the trading and clearing environment as resembling its established systems. It also lists security identification by an International Securities Identification Number, or ISIN, among the platform’s features. Those operational arrangements can make a security identifiable and its transactions processable within familiar market infrastructure. They should be understood separately from the issuer’s reporting obligations and from the commercial question of how frequently a particular security trades.^[1]

Listing and issuance process

TASE’s outline begins with an application and a preliminary assessment of whether the proposed issuer and security are suitable for TASE UP. Where capital is to be raised, the issuer may meet underwriters, distributors or other platform partners. TASE says that engaging such a party is optional: a company may choose to conduct its capital raise itself. The published process also calls for a listing document and payment of examination fees.^[2]

The listing document described by TASE covers the issuing entity, its operations and, where relevant, its fund structure. It includes a declaration of eligibility for TASE UP and a description of the securities proposed for listing, including tax implications. TASE also calls for information on profit-distribution mechanisms and associated tax liability. Additional materials depend on the structure: its process specifies a trust deed for a bond offering, discussion of tax implications following an income-tax pre-ruling for a partnership, and a legal opinion concerning the ability of a foreign entity’s securities to be listed in Israel.^[2]

The subsequent steps in TASE’s outline include appointment of a nominee company, meetings with qualified investors when applicable, clearing of the issuance, payment of listing fees and commencement of trading. TASE says issuance clearing may be carried out through the Tel Aviv Stock Exchange Clearing House. In the process it describes, investors’ accounts are charged through a TASE member, the proceeds are transferred to the company, and securities are deposited in investors’ securities accounts. TASE notes that some fundraising-related steps do not apply when securities are listed without a parallel capital raise.^[2]

Disclosure and information limits

The absence of a public prospectus and ongoing public-company reporting obligations is a defining difference between TASE UP and an ordinary public listing. It does not mean that an issuer supplies no information at all: TASE’s listing process calls for a document describing the issuer, the securities and relevant structural and tax matters. The difference is between information prepared for the platform’s admission and eligible-investor process, and the recurring public disclosures associated with a publicly reporting company.^[1][2]

TASE’s FAQ says that companies are not compelled to publish their reports on its MAYA announcements website. It discusses an issuer publishing contact details there so that interested parties can approach it directly, while information supplied through that contact remains private rather than being made public through MAYA. As a result, a person reviewing publicly available exchange data should not assume that the same standardized, continuing issuer reports available for public companies will be available for every TASE UP security.^[3]

These information arrangements also affect how a quoted or last-traded price can be interpreted. A visible market figure reports activity or a displayed valuation; it is not a substitute for the instrument’s terms, the issuer information available to an eligible investor, or—in the case of a fund—its net asset value. TASE’s FAQ specifically notes that a fund’s trading price may be at a premium or discount to net asset value. The relevant information and rights therefore have to be assessed at the level of the individual security, not inferred from the platform’s name.^[3]

Trading activity and interpretation

TASE maintains a separate market-data list for TASE UP securities. Its Hebrew-language list dated November 2, 2026 displayed 75 records, including corporate bonds, convertible bonds, capital instruments and a participation unit. That is a count of records shown on that date, not a count of issuers, active buyers or completed trades. The composition and size of the list can change as securities are added or removed.^[4]

The market-data list illustrates another limitation of equating a listing with liquidity: securities can appear on a trading venue even when the displayed turnover for a particular session is zero. TASE UP provides a mechanism through which eligible investors can transact, but actual trading depends on orders and counterparties for each instrument. In encyclopedic terms, its distinguishing characteristics are the restricted investor base, the ability to list several kinds of securities, exchange-operated trading and clearing infrastructure, and the fact that eligible issuers can remain outside the ordinary public-company prospectus and continuing-disclosure regime.^[1][4]