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Libra targeting TASE IPO at NIS 400 million valuation

Libra targeting TASE IPO at NIS 400 million valuation

The digital-insurance company became profitable in 2020, less than three years after its founding, and is now looking to raise NIS 50-100 million

Golan Hazani | 19:50  23.05.2021
Digital-insurance company Libra is joining the wave of initial public offerings (IPO) on the Tel Aviv Stock Exchange. Calcalist has learned that Libra is aiming to raise between NIS 50-100 million ($15-30 million) at a NIS 400 million ($123 million) valuation over the coming weeks.

Libra’s offering comes on the back of the IPO of another digital insurance company, WeSure, which went public in February 2021. WeSure also aimed for a NIS 400 million ($123 million) valuation, but ultimately managed to raise NIS 85 million ($26 million) at a NIS 300 million ($92 million) pre-money valuation. Since then, its stock has risen 25% and is currently traded at a NIS 482 million ($148 million) valuation.

Libra CEO Eti Elishkov. Photo: Amit Shaal Libra CEO Eti Elishkov. Photo: Amit Shaal Libra CEO Eti Elishkov. Photo: Amit Shaal

Libra was founded in December 2017 by Eti Elishkov, the CEO and primary shareholder who holds 46.8% of the company’s stocks. According to estimations, Elishkov has invested some NIS 20 million ($6 million) in the company so far. Among the company’s primary investors are the Altshuler Shaham Investment House, Keshet Media Group, and Discount Investment Corporation, with the former two owning some 5% of the company’s shares each. Libra is aiming to become a publicly-traded company in order to disperse its shares among investors and not due to a cash shortage, and will do so based on its 2020 financial results.

Libra began to market homeowner insurance policies following a soft launch during the first quarter of 2019, and later expanded to include car and property insurance. Last month, the company began to ensure small businesses including third-party, product and professional warranty, cyber insurance and more. In the future, the company plans to offer insurance policies for overseas trips as well as car insurance for taxi services.

Libra, which recently published its financial results for 2020, became profitable this year - less than three years after its founding. Its gross premiums during the course of 2020 stood at NIS 178.6 million ($54.8), compared to NIS 85.6 million during the previous year.

The company’s total profit prior to tax (PBT) stood at NIS 5.2 million ($1.63 million) in 2020, compared to a net loss of NIS 5.3 million ($1.6 million) the year prior. The total PBT was NIS 3.3 million ($1.57 million), compared to a net loss of NIS 2.2 million ($675,000) in 2019.

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