The President of Fiji, Ratu Wiliame Katonivere, rang the ceremonial Opening Bell of the South Pacific Stock Exchange (SPX) on Thursday, marking the official listing of Sun Insurance Company Ltd (SUN) on the SPX main board. This event is part of a longstanding tradition in stock exchanges globally to celebrate new listings.
The listing follows a successful Initial Public Offering (IPO) of seven million shares from Sun Insurance, which generated significant interest from investors and led to an oversubscription. Now, around 120 million Ordinary Shares of SUN are available for trading on the SPX under the ticker symbol SUN.
Nitin Gandhi, chairperson of the SPX, noted that Sun Insurance’s decision to enter the public markets signifies the company’s ambition for growth and transparency. He emphasized that the listing is a significant milestone for the SPX, increasing its total equity listings to 20, and expressed optimism for additional listings in the upcoming months.
Gandhi stated that as a newly listed entity, Sun Insurance has the responsibility to provide long-term shareholder value, focusing not just on financial returns, but also on building a sustainable business characterized by transparency, ethical governance, and strategic growth. He projected that the listing would enhance the SPX market capitalization by approximately four percent while adding depth to the stock market and improving representation of the insurance sector, which is vital for investor diversity.
Furthermore, Gandhi encouraged other private companies in Fiji to consider listing on the exchange.