The State Insurance Company (SIC) will today begin trading on the Ghana Stock Exchange (GSE) at GHp 30 per share.
The Business and Financial Times reported last Wednesday that the share price of SIC was expected to soar after the listing on the bourse.
This was because investors who could not buy into during the Initial Public Offer (IPO) would now apply through the secondary purchase. This was purposefully because the share was over subscribed by 42.6% during the successful initial public offer in December, last month.
The additional 19,564,500 shares allocated to salvage the situation could not help and stockbrokers would as a result refund GH¢20,211,288 to applicants who were not allocated shares.
The overall number was 165,193,460 excluding 19,564,000 which under an employee share ownership plan. The number of shares available was 117,387,000. Therefore a total of 67,370,960 shares applied for under the offer could not be met.