By Priyanka Deshpande
CNBC-TV18.com
Published May 14, 2024
Bengaluru-based insurtech start-up Go Digit General Insurance's initial public offer (IPO) will open for subscription on Wednesday (May 15) and close on May 17. Here’s all you need to know ahead of the IPO.
The company has fixed a price band of ₹258-272, and investors can bid for a minimum of 55 equity shares in one lot and its multiples thereafter.
The issue comprises a fresh issue of shares worth ₹1,125 crore and an offer for sale (OFS) of 5.47 crore shares.
Canada-based Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma are among the shareholders of the company.
Kohli bought 2.66 lakh Go Digit shares at ₹75 each, totaling ₹2 crore. Anushka Sharma invested ₹50 lakh, bringing the couple's total to ₹2.5 crore.
While promoter Go Digit Infoworks and other existing shareholders are offloading stakes, Virat Kohli and Anushka Sharma will remain investors.
The company allocated 75% of the net issue to qualified institutional bidders (QIBs), 15% to non-institutional investors, and the remaining 10% to retail investors.
In terms of the products offered, the company competes with both public and private sector insurers in India's non-life insurance market.
Go Digit Insurance's net loss increased to ₹295 crore in FY22 from ₹122 crore in FY21. Total income reached ₹3,841 crore in FY22, with premium income growing by 62% compared to FY21.
Ahead of the issue opening, shares of Go Digit were trading with a premium of ₹42 in the grey market.