Arpico Insurance raising funds thro’ IPO
View(s):Arpico Insurance Ltd (AINS) has announced plans to raise Rs. 79.6 million through the initial public offering (IPO) issue of 6,630,400 new shares of the company at a price of Rs.12 per share.
The proceeds of the issue will go for expansion plans for the company, AINS said in its prospectus to the public.
AINS is a subsidiary of Richard Pieris and Company PLC, one of the largest conglomerates in Sri Lanka with diversified interests amongst a number of business sectors such as retail, plantation, tyre, furniture, plastics, rubber, automotives, lighting and electronics, interiors, construction, logistics, healthcare and financial services.
AINS said the company was launched in 2011 venturing into the insurance industry using the ARPICO brand name to enhance the product.
“Life insurance is generally viewed as a service that provides benefits upon an insurance holder’s death. However, AINS’ concept of “Insurance for the Living” denotes the power of positive thinking that can change the attitude towards insurance and clearly differentiates AINS from its competition,” the prospectus said.
The company said it currently has 19 branches with plans to expand the operations further.