Israeli digital insurance company has completed its IPO on the Tel Aviv Stock Exchange (TASE). The offering was oversubscribed and the company raised NIS 24 million at NIS 10.56 per share, for a company valuation of NIS 450 million, above the NIS 9.40 per share and company valuation in the prospectus filed two weeks ago.
In the coming year Libra plans to expand operations and seek a license to sell life insurance in Israel. The company also plans setting up infrastructures abroad and expanding operations outside of Israel. Libra also plans developing more innovative technology for its online systems.
Libra founder and CEO Etti Elishkov said, "The company's IPO and going public is a major milestone for us. Over the past three years, we have shaken up the insurance sector and we have led a genuine revolution and the public, which is thirsty for change has voted with its feet. We embarked on a public offering as an additional step in implementing a vision which will allow the public to become a genuine partner and we are proud of the major response there has been to this measure."
Libra was founded in December 2017 and launched its online activities in October 2018 and has become profitable within less than three years. The company ended the first quarter of 2021 with a net profit of NIS 4.3 million, up 271% from NIS 1.2 million net profit in the first quarter of 2020.
Published by Globes, Israel business news - en.globes.co.il - on June 15, 2021
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