SEBI has finally approved the Go Digit Insurance IPO after multiple compliance issues. The Market Regulator SEBI gave the green signal for the IPO after Go Digit refiled the offer document. Interested investors can check the IPO details of Go Digit in the article below.
Topics
Go Digit Insurance IPO
Go Digit Insurance first filed for an IPO in August 2022 to utilize the funds for the maintenance of solvency levels, meet the company’s capital requirement, and the usual general corporate purposes.
SEBI didn’t approve the public offering papers due to the requirements of certain compliance related to the employee stock appreciation rights scheme in the offer. SEBI asked Go Digits Insurance to refile the documents with needed updates after they returned the IPO papers on 30 January 2023.
The company again filed the IPO papers for the market regulator SEBI approval on IPO in April 2023. According to the reports, SEBI gave its observation on Go Digit’s IPO on 1 March and approval on 4 March 2024.
The fresh issue of Go Digit’s IPO will be announced soon with the timeline of the IPO and the other relevant details.
Go Digit Insurance IPO Details
According to the DRHP of Go Digit’s Insurance, the company plans to raise ₹12,500 million from the fresh issue with a face value of ₹10 per equity share. The offer for sale (OFS) for the IPO is up to 109,445,561 per equity share which matches up to ₹250 crore. The total issue size of the IPO is to be announced soon.
The company plans to list the shares after the IPO on BSE and NSE on the TBA listing date. According to the DRHP, Virat Kohli and his wife Anushka Sharma invested 20 million in Go Digit’s insurance company and he holds 266,667 equity shares with other relevant shareholders of the company.
Many shareholders are selling their shares through OFS, such as Go Digit Infoworks Services Pvt. Ltd, Nikunj Hirendra Shah, etc.
The registrar of the Go Digit Insurance IPO as per the DRHP is LinkIntime India Pvt. Ltd. and the book-running Lead Managers are Morgan Stanley India Company Pvt. Ltd. HDFC Bank Lts., ICICI Securities Limited, Axis Capital Ltd., Edelweiss Financial Services Ltd., and IIFL Securities Ltd.
| Company | Go Digit General Insurance Limited |
| IPO type | Book- Built Issue |
| Total IPO Issue Size | TBA |
| Fresh Issue Size | Up to [TBA] shares (matches up to ₹1250 crore) |
| OFS | Up to 109,445,561 equity shares (matches up to ₹250 crore) |
| Face Value | ₹10 per equity shares |
| Price Band | TBA |
| Lot size | TBA |
| Listing at | BSE NSE |
Go Digit Insurance IPO Expected Opening & Reservation
According to the reports, Go Digit can announce the IPO bidding in the third week of May 2024. The company can announce the relevant details with the IPO opening date on 10 May 2024.
Interested investors waiting for the Go Digit’s IPO opening will be over soon. According to the DRHP, the company will reserve some shares for the eligible employees of the company as per the SEBI guidelines.
The company has reserved the net issue shares for the investor category in the following manner:
| Investor Category | Shares Offered |
| Qualified Institutional Buyers (QIB) | 75% shares of the net offer |
| Non-Institutional Investors | 15% shares of the net offer |
| Retails | 10% shares of the net offer |
Go Digit Insurance Financial Information
Go Digite General Insurance company is backed by Prem Watsa’s Fairfax Group, the company specializes in diverse insurance products for marine, travel, health, and other insurances. The company offers high-quality customer experiences with advanced technological solutions to its customers.
The company stands out among its competitors with a high growth rate and cleverness in managing and mitigating business risks. According to reports, the year-on-year growth of Go Digit’s Gross Written Premium is 82.3%.
According to the DRHP, the financial information of the company is as follows:
| Key Indicators | FY ending on 31 March 2022 | FY ending on 31 March 2021 |
| Revenue | 52,676.33 | 32433.88 |
| Gross Written Premium | 52,676.33 | 32433.88 |
| PAT | 2958.61 | 1227.64 |
| EPS | 3.55 | 1.50 |
| EBITDA | 2834.11 | 1137.8 |
| Total Current Asset | 6518.68 | 4714.78 |
| EBITDA % | 5.38 | 3.51 |
| Liabilities | 57518.35 | 32,363.52 |
Go Digit has done well over the years but the losses are frequent with profits. The advanced and strong technological aspect of the company is an attractive point for many investors as it enhances the efficiency of the company’s operations. So, investors, if you find it worth investing, then keep an eye on the market and announcements of the company on the upcoming IPO.
Go to GMR Homepage.