Management of Wesure Global Tech opened trading this morning in celebration of its IPO on TASE. Wesure is one of the 30 new companies listed on TASE since the beginning of 2021.
As a technology and digital insurance group, Wesure Global Tech will be included in TASE's Insurance Sector, which currently comprises 8 companies with a total market cap of NIS 28 billion.
The Global Tech, through its subsidiary, Wesure Insurance Company, is a digital Carrier of P&C insurance in Israel. The insurance company, which was granted a P&C insurer's license in 2018, operates as a multi-channel digital insurance group, providing insurance both by direct distribution and through other channels.
To date, Wesure primarily provides motor insurance and in the summer of 2020 began marketing a variety fo Home insurance packages, including mortgage insurance. In the second half of 2021, Wesure Insurance is planning to launch a line of new digital insurance products for SMEs, including covers for Property (building and content), Third-Party Liability, Employers' Liability etc.
Wesure Global Tech raised NIS 85 million in a book building IPO of shares to institutional investors and in a Dutch auction to the public, based on a company value of NIS 382 million.
At the end of trading on May 6, 2021, the shares of the company are expected to join TASE's TA-Growth, TA-Finance and TA Insurance-Plus indices, under the new companies' fast-track entrance.
Nitzan Zeir Harim, CEO of Wesure, said: “We are pleased to join the TASE, as it is a natural match between the Israeli capital market and the initiative of the weSure Digital insurance group operations. The IPO allows investors to get better acquainted with our advanced operations and the new markets that we plan to enter in the future. We believe that our leadership in the Digital Insurance space is facilitated by the efficiency, transparency, flexibility and competitive edge that we offer to our customers. We look forward to sharing the success and growth of the company with our new investors on the TASE."
Sarit Berman, Listings Unit Economist at TASE, said: “We congratulate Wesure on joining TASE and are confident that, like many other sectors, the growth of the digital insurance sector will be boosted by the impact of the coronavirus crisis. As home of the Israeli economy, TASE is the natural and most suitable venue for Israeli 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 Wesure the best of success looking forward."
In the picture from right to left: Emil Vainshel, Co-Founder and Director Chairman, WeSure Insurance; Yochanan Danini, Chairman WeSure GlobalTech; Nitzan Zeir Harim, CEO WeSure; Moran Dvir Sofer, Chief Compliance Officer and Legal Advisor WeSure; Yossi Molkandof, CFO WeSure and Sarit Berman, Listings Unit Economist at TASE.
Photography credit: The Tel-Aviv Stock Exchange, free
