Tel Aviv, July 5, 2021 - Management of Libra company opened trading this morning in celebration of its IPO on TASE.
Libra will join TASE's Insurance Sector, which currently comprises 9 companies with a total market cap of NIS 31 billion.
Libra was established by Ms. Etti Elishkov at the end of 2017, and in May 2018 received an insurer's license from the Capital Market Insurance and Savings Authority. Since then, it has been operating in elementary insurance and marketing compulsory vehicle insurance and vehicle property insurance, home insurance and business insurance.
Libra is committed to maintaining values of fairness and justice and to changing the rules of the game in the insurance sector. Since its establishment, it has revolutionized many areas, from modifying the pricing model and introducing distance-based insurance, supply of a replacement car at the site of the accident, commitment to the prompt payment of claims, within 48 hours, leading the customer transition revolution in the vehicle insurance and more. Additionally, the company developed an innovative profit-sharing model, which allows it to distribute 25% of its profits to the policyholders. Libra is currently in advanced stages of patent registration and approval in the United States for the digital wallet and the 'Libra' currency that it uses to share its profits with the policyholders.
Most of Libra's activities are direct and digital, thanks to its proprietary innovative core system that analyzes data and integrates 'smart' algorithms that support the implementation of its personalized actuary model, all based on advanced AI models for the characterization of existing and potential customers, with emphasis on digital consumption.
The company raised NIS 25 million in a book building IPO of shares to institutional investors, based on a company value of NIS 475 million.
At the end of trading on September 2, 2021, the shares of the company are expected to join TASE's TA-Growth, TA-Insurance, TA-Finance and TA-Insurance and Financial Services indices, under the new companies' fast-track entrance.
The TA-Insurance index has recently been upgraded to a real-time index, in view of the important role that the insurance sector plays in the Israeli economy and its significant presence on TASE, as well as the growing attractiveness of investments in Israeli insurance companies.
Etti Elishkov, Founder and CEO of Libra, said: 'The IPO of the company and its transformation into a public company are a significant milestone for us. Over the past 3 years, we have shaken up the insurance sector in a genuine revolution, introduced new pricing models, led the customer transition revolution in vehicle insurance, introduced new coverages, and ultimately managed to drastically reduce the average price of vehicle insurance across the sector. The IPO is another step towards realizing our vision of making the public a true partner and we are proud of the enthusiastic response that we have received. The high acceptance rates in the IPO reflect the investors' confidence in the success of Libra, based on its impressive performance to date and its substantial, yet untapped potential'.
Hani Shitrit Bach, EVP and Head of Listings at TASE, said: 'Digital insurance has been gathering substantial momentum, allowing the public access to efficient and competitive service. In this digital age, consumers are able to compare and attain the best services at competitive prices, while at the same time they are given an opportunity to partake in the success of the companies as investors. As home of the Israeli economy, TASE is the natural and most suitable venue for technology companies in all fields, supporting their growth and development for the benefit of the investors and the Israeli economy. We wish the management and employees of Libra the best of success looking forward.'
In the picture from right to left: Hayuta Ivanir, Director of Operations at Libra; Rafi Krispin, VP Sales at Libra; Adv. Tzahit Elisar, VP & Legal Consel at Libra; Dudi Ben Chaim, Deputy CEO of Libra; Etti Elishkov, Founder and CEO of Libra; Lior Avniel, CIO of Libra; Yifat Ben-Dov Weinberg, VP Marketing at Libra; Or Ben Avraham, Director of HR at Libra; Shimrit Zakai, Director of Claims at Libra; Hani Shitrit Bach, EVP and Head of Listings at TASE.
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