The Colombo Stock Exchange (CSE) has approved in principle an application by Arpico Insurance Limited to list the company’s shares issued by way of an Initial Public Offer (IPO) on CSE’s secondary Diri Savi board.
Arpico Insurance Limited is a subsidiary of diversified Richard Pieris group. The insurance company started its business operations in January 2012. Accordingly, the number of ordinary voting shares to be offered is 6, 630, 400 at a price of Rs.12 per share, raising a total of Rs.79.5 million. The subscription list of the offer will open on December 11, 2014. The managers to the issue is Arpico Ataraxia Asset Management (Pvt) Limited while the registrars to the issue is SSP Corporate Services (Pvt) Limited. The prospectus of the offer will be out today. All composite insurance companies are required segregate their life and general businesses by end of this year, and are required list them as separate entities on the CSE.
Clarification: In our yesterday’s story, we had attributed the IPO to Arpico Finance, which was incorrect. Arpico Finance Company PLC is already a listed firm in the Colombo Stock Exchange and is not part of Richard Pieris group. We regret the error.