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The initial public offer (IPO) of Go Digit General Insurance received 4,17,43,735 bids for shares as against 5,28,69,677 shares on offer, according to stock exchange data at 17:00 IST on Thursday (16 May 2024). The issue was subscribed 0.79 times.
The issue opened for bidding on Wednesday (15 May 2024) and it will close on Friday (17 May 2024). The price band of the IPO is fixed at Rs 258 to 272 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.
The offer comprises fresh issue of equity shares up to Rs 1,125 crore and an offer for sale of 547.66 lakh equity shares.
The promoter shareholding in the company will decline to 73.6% post- IPO from 83.3% pre-IPO.
The company proposes to utilize the net proceeds from the fresh issue towards maintenance of solvency ratio by investing in instruments in the manner prescribed under the IRDAI Actuarial & Allied Regulations, 2024.
Ahead of the IPO, Go Digit General Insurance on Tuesday, 14 May 2024, raised Rs 1,176.59 crore from anchor investors. The board allotted 4.32 crore shares at Rs 272 each to 56 anchor investors.
Go Digit General Insurance is a digital full stack non-life insurance company, leveraging technology for enhancing product design, distribution and customer experience. The company, incorporated in December 2016, catered approximately 82.5% or Rs 6,680 crore (9M FY2024) of the GWPs written by digital full stack insurance players including Go Digit, Acko and Navi, making it the largest digital full stack insurance player in India.
Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, liability insurance and other insurance products. The company has designed its underlying business model to minimize dependency on any single line of business.
The firm reported a net profit of Rs 129.02 crore and total income of Rs 130.83 crore for the nine months ended on 31 December 2023.
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