LifeStar Holding plc will be listing its subsidiary LifeStar Insurance on the Malta Stock Exchange, with “advanced drafts” of the prospectus currently under review by the Malta Financial Services Authority (MFSA).

The company said that the Initial Public Offering (IPO) is expected to be completed during the first half of current year.

In a statement published on Thursday, LifeStar Holding said that it “wishes to announce that the process for the Listing, IPO and Exchange Offer are well under way. An advanced draft of the prospectus for the IPO and Exchange Offer has been submitted to the MFSA for review.”

LifeStar Insurance had announced its intention to go public in Q3 2020. In a statement published on Thursday, it referred to previous statements on 7th September and 12th October where it informed the market of its intention to submit a formal application to the Listing Authority for the admissibility to listing of its shares on the Official List of the Malta Stock Exchange.

LifeStar Holding plc will be offering at least 25 per cent of the shares it holds in LifeStar Insurance, and intends to offer shareholders the possibility of exchanging their ordinary shares in LifeStar Holding for ordinary shares in LifeStar Insurance (the “Exchange Offer”).

The company said that “a leading advisory firm has been engaged to undertake a valuation of LSI and this will be used as a basis for the Board of Directors to determine the offer price for the IPO and Exchange Offer.”

LifeStar Insurance Ltd, previously known as GlobalCapital Life Insurance Ltd, is a subsidiary of LifeStar Holding plc, previously known as GlobalCapital plc.

The name change was effected in November of last year as the group seeks to refocus its efforts on the rapidly changing life and health insurance markets.