Go Digit Insurance Rs 2,615 crore IPO retail portion fully subscribed
Key highlights of the offering:
Go Digit General Insurance Ltd, which launched its Rs 2,615 crore initial public offering (IPO) Wednesday, saw the retail portion of the issue getting fully subscribed by 1.45 pm. The IPO, priced between Rs 258 to Rs 272 per share, will close on Friday. The company had reserved 9.6 million shares for retail investors.
Here are the key highlights of the issue:
1. The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale (OFS) of up to 54.7 million shares, with promoter Go Digit Infoworks making up the largest portion of the secondary component.
2. Go Digit plans to utilise the net proceeds to support ongoing business operations and finance future growth activities, particularly focusing on digital and omnichannel expansion.
3. The IPO size is smaller than the initially planned Rs 1,250 crore, with a fresh issuance of 109.4 million equity shares. The requirement for capital went down as it had raised non-convertible debentures worth Rs 200 crore in December last year.
4. Prior to the IPO, Go Digit raised Rs 1,176.5 crore from anchor investors by allocating 43.25 million shares at Rs 272 each. Institutions like Fidelity Investment Trust, Goldman Sachs, and Abu Dhabi Investment Authority (ADIA) participated in the anchor.
5. Based in Bengaluru, Digit is a full-stack digital insurance company offering a range of products including motor, health, travel, property, and marine insurance, totalling 74 active products in the general insurance category.
6. Investors
