Go Digit General Insurance IPO opens on May 15: Price band fixed at ₹258-₹272 per share, check other key details

Primary markets are gearing up for the launch of another major public issue next week. The Go Digit General Insurance Ltd IPO (initial public offering) is set to open for subscription soon.

The Virat Kohli-backed insurer has finalised the IPO price band at ₹258-₹272 per share ahead of the launch on May 15.

If you are considering investing money in the Go Digit General Insurance IPO, check key details here:

Go Digit General Insurance IPO price band and lot size

The Go Digit General Insurance IPO price band has been set at ₹258-272 per equity share of the face value of ₹10 each.

The lot size, or the minimum bid quantity, is 55 equity shares and in multiples of 55 thereafter. This translates into a minimum application amount of ₹14,960 for retail investors.

Go Digit General Insurance IPO subscription and listing dates

The Go Digit General Insurance IPO opens for subscription on Wednesday, May 15 and the bidding closes on Friday, May 17.

The IPO share allocation status is expected to be announced by the company on May 21. Successful bidders, who will be allotted shares, can expect them to be credited to their demat accounts on May 22, with others receiving refunds the same day.

Go Digit General Insurance IPO shares are expected to list on both BSE and the National Stock Exchange of India (NSE) on May 23.

Go Digit General Insurance IPO offer size

The Go Digit General Insurance IPO comprises a fresh issuance of shares worth ₹1,125 crore and an offer-for-sale (OFS) of 5.47 crore equity shares.

The majority of the OFS portion is being offloaded by promoter Go Digit Infoworks Services Pvt. Ltd that will sell up to 5.47 crore equity shares. Other selling shareholders include Nikita Mihir Vakharia, who will sell up to 4,000 equity shares jointly with Mihir Atul Vakharia, and Nikunj Hirendra Shah, who plans to offload up to 3,778 equity shares jointly with Sohag Hirendra Shah. Another investor Subramaniam Vasudevan, jointly with Shanti Subramaniam, plans to sell up to 3,000 equity shares.

Virat Kohli and his wife and actress Anushka Sharma will not be selling shares in the OFS.

Purpose of Go Digit General Insurance IPO

Go Digit General Insurance intends to use the net proceeds from the IPO to carry out its current business operations and to carry out the projects that are suggested to be supported by the net proceeds. Also, the company said that it expects other benefits from listing the equity shares on stock exchanges, which includes improved brand awareness and image among current and prospective consumers.

IPO registrar and other details

Go Digit General Insurance has reserved 75% of the shares in the IPO for qualified institutional buyers (QIB), 15% for non-institutional investors (NII) and 10% for retail investors.

The company has appointed ICICI Securities Ltd, Morgan Stanley India Co. Pvt. Ltd, Axis Capital Ltd, Edelweiss Financial Services Ltd, HDFC Bank Ltd, and IIFL Securities Ltd as book-running lead managers. The issue’s registrar is Link Intime India Pvt Ltd.

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