The Rs.750 million Initial Public Offering (IPO) by People’s Insurance Limited was oversubscribed yesterday, the company informed the Colombo Stock Exchange (CSE).
Accordingly, the issue was closed at 4:30 p.m. yesterday and the company said the basis of allotment would be notified to the CSE later.
The company issued 50 million shares at Rs.15 each.
People’s Insurance is the fifth largest non-life insurance provider with a market share of 6 percent.
The company is 75 percent owned by People’s Leasing & Finance PLC, which is a 75 percent-owned subsidiary of state banking giant People’s Bank.
People’s Insurance gets captive motor business from its parent, People’s Leasing & Finance, the market leader in the leasing and hire purchase industry in the country.