WeSure Global Tech, the parent company of digital insurance company WeSure, has published a prospectus for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company plans selling a 20% stake for NIS 100 million at a company valuation of NIS 500 million, after money.
WeSure was founded by chairman Emil Vainshel, who holds a 71.5% stake and CEO Nitzan Zeir Harim, who holds a 17.9% stake, and who have been joined by former police chief Yohanan Danino (2.9%). Having seen the international success of Israeli insurtech company Lemonade (NYSE: LMND), the IPO is designed to help WeSure launch international operations.
The company said it needs, "To raise capital in order to speed up the Group's business development plan as part of which it will expand areas of activity and the market share of the company in Israel as well as prepare for entry into US and European operations in the coming years."
The offering is being led by IBI Poalim.
The company's last financing round was in 2018, when it raised money at a valuation of NIS 114 million.
Published by Globes, Israel business news - en.globes.co.il - on February 11, 2021
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