People’s Insurance IPO oversubscribed

Dec 16, 2015 (LBO) – An initial public offering of 50 million ordinary shares by People’s Insurance Limited, a subsidiary of People’s Leasing and Finance, to raise 750 million rupees was oversubscribed within hours on the opening day, a statement said.

SSP Corporate Services, registrars to the issue, said in a stock exchange filing that the IPO, oversubscribed at an issue price of 15 rupees, would be closed at 4.30 pm Wednesday.

The basis of allotment is to be notified later and the newly issued shares of the company are to be listed on the Colombo Stock Exchange.

“The overwhelming response for our IPO marks an important milestone in the journey of People’s Insurance. The company intends to further penetrate its bancassurance channels and non-captive retail business in the future.” Jehan Amaratunga, Chairman of People’s Insurance said.

People’s Insurance Limited is one of the leading general (non-life) insurance providers in Sri Lanka, ranked 5th place in terms of premium income in the industry and it will be the first pure-play general insurance company to be listed on the CSE.

“People’s Insurance is a focused player in the general insurance segment and we hope to grow our business whilst maintaining underwriting profitability.” D. P. Kumarage, Managing Director of People’s Insurance said.