Sri Lanka’s People’s Insurance commences trading on CSE

Jan 12, 2016 (LBO) – People's Insurance rang the opening bell to commence trading at the Colombo Stock Exchange (CSE), Tuesday. “Our parent is part of the S&P index and our intention is to also be listed in this index in the future,” Amaratunga, Chairman said. “We are proud to be the latest addition to the CSE and are optimistic about the growth potential the market holds for the company.” “We would also like to make a commitment to our shareholders that we as an organization will work towards upholding their aspirations and lift People's Insurance to achieve greater heights.” Speaking at the occasion Vajira Kulatilaka, Chairman of CSE said that this is an example of a well-planned and executed IPO and makes a case for companies that hold an interest in listing in future. “Market Opening Ceremonies are conducted by the CSE to serve as a platform to generate exposure for listed companies as they celebrate important milestones in the capital market.” The stock closed lower at 14.90, down 0.10 rupees after hitting a high of 15.60 rupees. The offer price was 15.00 rupees. The company’s initial public offer of 50 million shares was oversubscribed on the opening day..