Sun Insurance Company Limited (SUN Insurance) today marked a landmark achievement with its listing on the South Pacific Stock Exchange (SPX).
The event, held at the Grand Pacific Hotel (GPH) in Suva, featured the ceremonial ringing of the bell at 10:30 am, by Fiji President Ratu Wiliame Katonivere, to mark the company’s official entry into the public market.
At the time of listing on the exchange this morning, Sun Insurance, with the backing of more than 500 shareholders, had raised more than $30 million, of which $7.35 million was amassed via the initial public offering of seven million shares (offered at $1.05 per share). A private placement phase of the IPO, that took place before the public offering, raised an additional $23 million from institutional investors such as the Unit Trust of Fiji (UToF), the Fijian Holdings Unit Trust (FHUT), VB Holdings Limited, and N S Niranjan Holding Pte Limited. Existing shareholders, including Deven Sharma and Web Investments Pte Ltd, also participated in the private offering.
A key highlight of the IPO was the board of Sun Insurance offering 5 million shares, free of charge, to its employees.
The event today expands the SPX’s roster of listed companies to 20 and represents the first listing since 2019. Sun Insurance’s entry into the public market also increased SPX’s market capitalisation by approximately 4%, reaching about FJ$3.6 billion.
In his address, Sun Insurance Chairman Padam Lala described the listing as a milestone achievement and a significant step towards broader financial development in Fiji. Lala also acknowledged the contributions of investors and the company’s board for their commitment and strategic guidance.
“The successful listing of Sun Insurance on the SPX is a reflection of the hard work, dedication, and unwavering belief of our entire SUN team. This achievement would not have been possible without the vision and commitment of our founding members. I must express my deepest gratitude to my dear friend and business partner, Mr. Dewan Chand Maharaj, and the late Mr. Mahendra Prasad Sharma. The dream we shared in 1999—to build an industry powerhouse recognized for quality, innovation, and service—is being realized today. The dedication of our founders, along with the tireless efforts of the current and past SUN team, have brought us to this remarkable point in our journey.
“Today, as we celebrate our listing and our 25th anniversary, we take immense pride in sharing our success with the people of Fiji. Everyday Fijians now stand as co-owners of Sun Insurance, as we firmly believe in SUN’s role in helping Fijians build wealth and secure their futures.”
He also noted that the successful IPO was oversubscribed by the closure of the IPO last month.
Fiji’s President Ratu Wiliame Katonivere highlighted the IPO’s broader economic implications.
“By going public, Sun Insurance is opening up new opportunities for investment and growth, which will ultimately benefit customers, employees and the wider community,” he stated, “Sun Insurance’s success is not only measured by its financial achievement, but also by its contribution to the community, from sponsoring education programs and sporting events to supporting health initiatives in disaster relief efforts, Sun insurance has consistently demonstrated its commitment to improving lives for our citizens, and these efforts have strengthened the company’s bond with communities in reinforced through as a responsible corporate citizen.”
Governor of the Reserve Bank of Fiji, Ariff Ali, underscored the IPO’s importance for Fiji’s financial sector.
“The successful listing of Sun Insurance not only builds a solid foundation of long-term development, but also marks the beginning of a new era of growth for the company, in various aspects. This listing will actively capture more development opportunities, strengthen the company’s competitiveness, and strive to bring higher and sustainable returns to shareholders and investors within the regulatory ambit of the Reserve Bank of Fiji and the South Pacific Stock Exchange. Sun Insurance has symbolised the culmination of dedication, innovation and hard work for 25 years since its inception. This public listing will allow investors an opportunity to share the success journey of Sun Insurance and its commitment in providing
comprehensive insurance solutions, which has contributed to the stability, risk management and growth of our economy. The capital raised through this IPO will play an instrumental role in the expansion and growth of Sun’s investment plans.”
SPSE Chair Nitin Ghandi hopes the steps taken by Sun Insurance will inspire other businesses to consider listing on the SPX.
“It is not just the means of accessing equity-based capital but a platform that offers a 360-degree elevation of your business, enhancing your corporate profile, governance and market reach. We are also keen to provide opportunities for small and medium enterprises SMEs to raise capital through the introduction of the SME listing platform. This initiative will empower SMEs to access the capital they need to grow and expand, while also allowing investors to tap into potential businesses.”
