IC was founded in 1968 by the Government of the State of Israel as a vehicle to attract the participation of foreign investors in the economic development of the country. Shares of the company were first offered to private investors in 1969 and the Company was listed on the Tel Aviv Stock Exchange in 1982. In 1999 the current controlling shareholder group, owned by entities related to Mr. Idan Ofer, acquired the majority of the Company's shares.
On January 7, 2015, IC completed a strategic separation of its holdings in IC Power, Qoros, ZIM, TowerJazz (Nasdaq:TSEM, TASE:TSEM) and IC Green into a new entity named Kenon (NYSE: KEN, TASE: KEN).
As of January 7, 2015, approximately 53% of the IC’s outstanding equity is owned by entities related to Mr. Idan Ofer, approximately 18% is held by Bank Leumi (one of Israel’s largest banks) and approximately 29% is free-float.