LOLC General Insurance IPO opens on Dec. 16

LOLC General Insurance Limited has announced an initial public offering (IPO), which will open on December 16, 2021.One hundred and twenty million shares held by LOLC Asset Holdings Limited will be offered for sale, at a price of Rs.7.90 per share. The offer size will amount to Rs.948,000,000. 

Post IPO, LOLC Group Companies LOLC Asset Holdings Limited will have a shareholding of 63.75 percent and LOLC Financial Sector Holdings (Pvt.) Ltd will have a shareholding of 26.25 percent. 

LOLC General Insurance Limited is one of the fastest growing general insurance companies in Sri Lanka. The company has been operating in the insurance industry for over 10 years and has established itself as a key player within the industry.

LOLG General Insurance Chief Executive Officer Kithsiri Gunawardena stated, “We are excited with the prospect of being able to highlight our performance and share our success with the public by becoming listed on the Colombo Stock Exchange. Strong reliance on the latest technology, innovative thinking and the commitment of our staff to provide exceptional customer service has propelled the company to become the fastest growing general insurance company. With our aggressive growth strategies, we are confident of creating much greater value for all our shareholders” 

The IPO is managed by Capital Trust Partners (Pvt.) Ltd and P W Secretarial (Pvt.) Ltd.  A press release issued by the company said, “The IPO price per share of Rs.7.90 offers an immediate upside of 49.4 percent to an incoming investor on the value per share of.Rs.11.80, derived from a combination of discounted cash flow (DCF) and forward-earnings ratio (PER) valuation method.”