Go Digit General Insurance To Open Its IPO on May 15 According to the company's RHP, renowned Indian cricket player Virat Kohli and his actress wife Anushka Sharma are also stockholders.
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Go Digit General Insurance, a general insurance company backed by Prem Watsa's Fairfax Group, announced its initial public offering (IPO) will open on Wednesday, May 15, and it will end on Friday, May 17.
Its IPO price band has been fixed in the range of INR 258 to INR 272 per equity share, with a face value of INR 10. On Tuesday, May 14, the allocation to anchor investors for the Go Digit General Insurance IPO is planned.
Investors can bid for a minimum of 55 equity shares and in multiples of 55 equity shares thereafter.
A new share sale of INR 1,125 crore and an offer-for-sale (OFS) of up to 5,47,66,392 crore equity shares, totaling INR 1,489.65 crore, are both included in Go Digit's IPO. The company intends to raise INR 2,614.65 crore through an initial public offering (IPO) at the upper end of the pricing range.
The company's stockholders include renowned Indian cricketer Virat Kohli and his actress wife, Anushka Sharma, according to the RHP.
Founded in 2016 by Kamesh Goyal, the Bengaluru-based Go Digit General Insurance provides liability, health, travel, property, marine, and motor insurance, among other insurance products. Clients can alter their insurance policy to suit their requirements.
Currently, Go Digit has 74 active products available across all of its business lines. As of December 31, 2023, it had around 61,972 partners, including 58,532 POSPs and other agents. With 473 active bots to automate activities for partners and functions, it maintained distribution facilities across 24 states and union territories in India.
Qualified institutional bidders (QIBs) will get no more than 75% of the net issue from the company, with non-institutional investors receiving no more than 15% of the shares. The remaining 10% of the shares will go to retail investors.
ICICI Securities, Morgan Stanley India Company, Axis Capital, Nuvama Wealth Management, HDFC Bank, and IIFL Securities are the book-running lead managers of the Go Digit IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed at both BSE and NSE, with Thursday, May 23, as the tentative date of listing.
The company claims that its AUM increased from INR 9,393.87 crore in Financial Year 2022 to INR 12,668.36 crore in Financial Year 2023, an increase of 34.9%, primarily due to an increase in GWP and additional capital infusion from share issuances. For the nine months ended December 31, 2023, AUM stood at 14,909.01 crore. The GDPI increased from INR 4,673.94 crore in the financial year 2022 to INR 6,160.01 crore in the financial year 2023, an increase of 31.8%. For the nine months ended December 31, 2023, GDPI stood at INR 5,970.53 crore.
