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Sunday June 26th, 2022

Sri Lanka’s Co-operative Insurance Company seeks Rs600mn from IPO

 

ECONOMYNEXT – Sri Lanka’s Co-operative Insurance Company Ltd is seeking to raise 600.3 million rupees from an initial public offer (IPO) of shares to expand the business, boost its online presence, the offer documents showed.

The firm is offering 166,750,000 shares at 3.60 rupees in an offer that opens on December 20.

In the six months ended in June 31, the group posted profits of 427 million rupees on a 2.7-billion-rupee revenue.

In the year ended December 2020 amid a Coronavirus pandemic the group’s revenue rose to 5.37 billion rupees from 5.0 billion rupees in the previous year.

Profits jumped 255 percent to 695 million rupees in 2020 from a year ago.

Out of the 600 million rupees IPO money, if subscribed fully, the firm intends to invest 325 million rupees in capital assets and strengthen the company’s investment portfolio to leverage the Gross Written Premium. Another 250 million rupees is expected to be invested to develop an online business platform to drive digital transformation while 25.3 million rupees will be invested to construct a 10,000 10,000 sq.ft building at its salvage yard.

(Colombo/Dec15/2021)

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