With an oversubscription of times 12.2, the Initial Public Offering of LOLC General Insurance has become the second most successful IPO in the history of the Colombo Stock Exchange.
The IPO, which was issued on the 16th of December, 2021, and oversubscribed on the same day, offered 120 million ordinary voting shares for LKR 7.9 per share, intending to raise LKR 948 million in capital. The LOLC IPO, also recognized as the 12th IPO of 2021, received 12,200 applications valuing LKR 11.6 billion.
The success of the IPO will complement the company’s growth as the FY21 annual report indicates a 15.3% growth in the company in contrast to the 1.5% negative growth of the insurance industry.
The company surpassed the Gross Written Premium of LKR 6.1 billion, making it the fifth-largest general insurance provider in Sri Lanka in terms of GWP’s. LOLC is also the fastest to achieve the LKR 6 billion milestone in Sri Lanka’s General Insurance Industry.
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