Sun Insurance Company Limited is set to launch an Initial Public Offering (IPO) of its ordinary shares for listing on the Stock Exchange.
Chairman Padam Lala remarked that this announcement reflects the company’s philosophy, “For Fijians, by Fijians.”
The company is inviting the public to apply for shares in its first Public Offer of 7 million shares, priced at $1.05 per share, aiming to raise a total of $7.35 million.
This public offering represents a significant milestone in Sun Insurance’s 25-year history.
The IPO was officially announced at a press conference at Sun’s headquarters in Flagstaff, Suva, attended by business leaders, dignitaries, stakeholders, and local media.
“In 1999, we envisioned growing Sun into an industry powerhouse, recognized for quality, innovation, and service. Today, as we celebrate our 25th anniversary, we are proud to share our success with the people of Fiji,” Lala stated.
The shares are anticipated to yield a 3.8 percent dividend in the current financial year, with expectations of growth in the subsequent year.
The offer period closes at 4 pm on the 31st of this month.
Following the offer’s closure and the allotment of shares, Sun Insurance is scheduled to list on the South Pacific Stock Exchange on the 15th of August, marking the first listing since 2019.