Go Digit IPO: Fairfax-backed Go Digit General Insurance got final nod from Insurance and Regulatory Development Authority on Friday India (IRDAI) for listing on the stock exchanges BSE and NSE. SEBI in September placed “deferred” the company’s proposed initial share sale, backed by Virat Kohli and Anushka Sharma. The Securities and Exchange Board of India (SEBI), however, did not clarify further.
Go Digit filed an FIR in August 2022 IPO Papers with capital markets regulator SEBI. As per the draft Red Herring Prospectus (DRHP), Go Digit General Insurance Ltd plans to issue an IPO consisting of equity shares worth Rs 1,250 crore and offer for sale (OFS) of 10,94,45,561 equity shares . by a promoter and existing shareholders.
The proceeds from the IPO will be used for augmenting the capital base of the company and for maintenance of solvency levels and general corporate objectives.
Go Digit Infoworks Services Private Limited will sell 10,94,34,783 Equity Shares under the Offer for Sale. Also, the company may consider pre-IPO placement of equity shares up to Rs 250 crore. If such placement is completed, the size of the fresh issue will be reduced.
Go Digit Infoworks Services to sell 109,434,783 shares through OFS; Nikita Mihir Vakharia, Mihir Atul Vakharia jointly up to 4,000 shares; Nikunj Hirendra Shah along with Sohag Hirendra Shah (up to 3,778 shares); and Subramaniam Vasudevan, Shanti Subramaniam (up to 3,000 shares).
Go Digit offers travel insurance, health insurance, motor insurance, property insurance, liability insurance and marine insurance, apart from other insurance products. The company is one of the first non-life insurance companies in India to operate completely on cloud and has developed Application Programming Interface (API) integration with multiple channel partners. It has 1,063 API integrations with partners since inception and 16.57 million policies issued by partners with API integrations as of March 31, 2022.
Cricketer Virat Kohli and his wife are in Go Digit General Insurance Anushka Sharma among investors, according to the IPO papers.
The company has a track record of delivering growth with gross written premium (GWP) of Rs 5,268 crore, Rs 3,243 crore and compound annual growth rate (CAGR) of Rs 2,252 crore in FY 2022, 2021, and 2020. per cent from FY 2020 to FY 2022. However, it has registered a loss of Rs 295.86 crore in 2021-22, followed by Rs 122.27 crore in 2020-21 and Rs 175.24 crore in 2019-20.
Go Digit is a unicorn company. A unicorn company has a valuation of over $1 billion.
(with inputs from agencies)
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