Digit to go public on May 15, looking to raise Rs 1,125 crore
insurance company Digit is set to hit the public markets on May 15, looking to raise Rs 1,125 crore through a fresh issue of shares and an offer for sale of 54 million equity shares.
The initial public offering (IPO) comes almost two years after the firm filed its draft prospectus with the markets regulator in August 2022. Digit had attained a private market valuation of $4 billion in May 2022.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitThe IPO size, however, is slightly smaller than planned. As per the draft filed with the Securities and Exchange Board of India (Sebi) earlier, the company proposed to raise around Rs 1,250 crore with a fresh issuance of 109.4 million equity shares.
In January 2023, the markets regulator had returned the draft filings to the company citing certain complianc issues with employee stock options. On May 4, the Insurance Regulatory and Development Authority of India (IRDAI) had slapped a fine of Rs 1 crore on the company due to non-disclosure of the change in the conversion ratio of compulsorily convertible preference shares (CCPS) into equity shares.
Digit Insurance, which was incorporated in 2017, has raised around $544 million in equity funding, Tracxn data shows. The company, which was founded by insurance veteran Kamesh Goyal, is backed by Canadian
