This is correct. I was just quickly posting the exit polls. A majority is needed to form a government unless & or after the 1st & 2nd mandate (if needed) fail, and Knesset members propose a name & some parties abstain leading to a minority government.
The Knesset has 120 seats, with lawmakers voted in through a system of proportional representation. No single party has ever claimed a majority of 61 seats, so Israel has always been governed by coalitions. Exit Poll example I24 49 Eisenkot Bloc 16 Arab Parties 55 Netanyahu Bloc #IsraelElection