Moore Provident Funds, a subsidiary of the investment house Mor, Last night (Wednesday) published a prospectus before an IPO. The investment house intends to issue the provident company at a value of NIS 600 million, before the money, while after the issue the value is expected to reach NIS 750 million, after a group of investors already invested a total of NIS 53 million before the IPO, the initial public offering. . The group of investors was led by former Phoenix CEO Eyal Lapidot and the Sifra Fund. Discount Underwriting is leading the offering.
“In the opinion of Mor Gamel, based on its existing forecasts as of the date of the draft of Gam Gamel’s prospectus, and taking into account Mor Gamel’s position in the market, To continue to grow, “Moore noted ahead of the IPO.
Currently, the investment house (controlled by the Meirov and Levy families) holds about 84% of the shares of the provident company and Uri Keren, the chief investment officer of Moore, holds about 15% of the shares. Isaac Schneider holds the remaining shares.
Moore Provident Estimates that the volume of assets under management as of the end of 2021 was approximately NIS 30 billion and it holds a market share of 4% of the provident industry. According to Mor Gamel’s forecasts, the volume of assets managed in the provident funds and pension funds, when Mor Gamel has not yet begun its pension operations and will do so in the coming months, is expected to reach NIS 43.7 billion in another year. According to Moore Gamel, the company’s total annual revenue for 2021 is expected to be about NIS 135.5 million and it is expected, according to its own forecasts, to double in the coming year and reach almost NIS 250 million at the end of 2022.
The main assumptions underlying the forecast are that the provident company will be able to reach a net accumulation in the provident funds of NIS 10 billion in 2022 and a net accumulation in the pension funds of NIS 3 billion. These estimates are based on a rapid growth rate in the camel world, for example a net accumulation of about NIS 1.4 billion last November.
It should also be noted that during 2022, Moore Gamel expects members to join the selected pension fund as a result of an increase in the number of employees who will be added by employers who will choose Moore Gamel’s pension fund as their selected fund.