Go Digit IPO: Virat Kohli, Anushka Sharma-backed Go Digit gets SEBI green signal to launch IPO. Check Details
Go Digit IPO: Market regulator Securities and Exchange Board of India (SEBI) has approved Go Digit's initial public offering (IPO), which is backed by cricketer Virat Kohli and his wife, Bollywood actress Anushka Sharma. Go Digit's IPO hit many hurdles over compliance issues resulting in a delayed approval for the public offer, on March 4. Go Digit General Insurance Ltd is also backed by Canada-based Fairfax Group.
The approval came after the company's preliminary IPO papers were first filed in August 2022. Go Digit's proposed IPO comprises fresh issuance of shares worth ₹1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the Draft Red Herring Prospectus (DRHP). Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base, maintenance of solvency levels and general corporate purposes.
Cricketer Virat Kohli and his wife, actor Anushka Sharma, are among the firm's investors. According to an update with SEBI on Monday, the regulator gave its observation on March 1. In SEBI's parlance, obtaining an observation letter means the regulator's go-ahead to launch the public issue.
The company had first filed the DRHP with SEBI in August 2022 to raise funds through an initial share sale. However, it was thwarted primarily due to certain compliance requirements pertaining to the employee stock appreciation rights scheme. SEBI returned Go Digit's draft IPO papers on January 30, 2023, and asked the company to refile the documents with certain updates.
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