A total of 120 million SUN Insurance (SUN) shares were officially listed on the South Pacific Stock Exchange (SPX) yesterday, marking the company’s entry as the 20th security on the exchange. This listing ends a five-year hiatus and offers another investment opportunity for the people of Fiji.
On its debut trading day, SUN shares closed at $1.20, a rise of 15 cents from its Initial Public Offer (IPO) price of $1.05. This increase brought the company’s market capitalization to $144 million and raised the total SPX market capitalization from $3.42 billion to $3.57 billion since Wednesday.
A total of 9,869 SUN shares were traded on the first day. The general insurer had launched its IPO of seven million shares priced at $1.05 each early last month and received interest from over 500 investors, leading to the early closure of the offer due to oversubscription. In addition to the IPO, a private placement before the IPO generated $23 million and attracted new institutional investors.
The official listing of SUN was hailed as a significant milestone for Fiji’s capital markets. Reserve Bank of Fiji governor Ariff Ali emphasized in his speech that the event represents substantial progress for the economy, noting the strong investor demand for shares, which earlier forced the IPO to close ahead of schedule.
Alongside compliance with SPX regulations, SUN is also monitored by the Reserve Bank of Fiji as a licensed insurance company. Mr. Ali stated that this listing will enable SUN to seek more development opportunities, enhance its competitiveness, and deliver sustainable returns to shareholders and investors while adhering to regulatory standards.
SPX chairman Nitin Gandhi described SUN’s listing as an important development for the exchange and expressed hopes for further listings in the coming year or two. He stated that the inclusion of SUN will increase the market’s capitalization by approximately four percent, adding depth and value, particularly for the insurance sector, which enhances investment diversity for SPX participants. Gandhi highlighted that the successful IPO has attracted numerous new investors, broadening the capital market’s dynamics.
The listing ceremony was officiated by President Ratu Wiliame Katonivere and attended by Acting Prime Minister and Minister for Tourism Viliame Gavoka, along with Assistant Minister of Finance Esrom Immanuel.