Janashakthi to launch IPO in mid July

Janashakthi Insurance Company Ltd (JICL) is ready to launch the first Initial Public Offering (IPO) in two years, a company official said.

"We hope to launch the IPO in mid July and will list 16.5 million shares as the initial tranche and we have an option of going in for a second tranche with another 16.5 million shares.

This is nearly eight percent of the company," Prakash Schaffter, Managing Director JICL said. “We have always wanted to go public.

We wanted to do this when Janashakthi life Insurance Company was launched, but at the time the market collapsed and we had to abandon those plans,” he explained. He said the company plans to raise Rs.400 million through the IPO in a bid to broadbase its ownership and further strengthen their balance sheet, while building the JICL brand image and carrying out branch expansions.