Libra is completing a successful share floatation which commenced a few weeks ago. The company reports a heavy response from investors and over-subscription, which led to a cessation of the investor presentations round within just two days, and raising the share price to 10.56 shekels – higher than presented in the prospectus (9.4 shekels per share). Libra is now expected to be floated on a valuation of 450 million shekels before the money – some 50 million shekels more than the initial valuation requested in the prospectus.
In the coming year, Libra expects to expand its license to also include life insurance and also set up an infrastructure for overseas business activity. Libra will also be continuing in technological development in the future. Libra currently uses an advanced system which it developed itself, enabling it to realize innovative thinking in insurance, implement personalized actuarial models and introduce changes and coverages rapidly and efficiently. The company makes use of advanced artificial intelligence models that enable it to characterize existing and potential customers with emphasis on the world of digital consumption.
Libra founder and CEO Etty Elishkov: “The floating of the company and it becoming a public corporation is a significant milestone for us. In the last three years we have shaken up the insurance sector, leading a genuine revolution, and the public, which thirsted for change, has voted with its feet. We launched the floatation with a view to carrying out another step in implementing the vision and enabling the public to become a true partner and we are proud of the big response to the move. The high demand for the share issue is an expression of the investors’ faith in Libra’s success, on the backdrop of the impressive performance until now and the company’s huge potential.