Go Digit IPO to open for subscription on May 15: Check issue size, OFS, other key details

The initial public offering of Go Digit General Insurance Limited will open for subscription on May 15. The issue, which will conclude on May 17, is yet to release its price band. The bidding for anchor investors will take place on May 14.

Backed by Canada-based Fairfax Group, Go Digit's proposed IPO is a mix of fresh equity shares worth ₹1,125 crore and an offer for sale (OFS) component of 5.47 crore shares by promoter Go Digit Infoworks Services and existing shareholders.

Go Digit Infoworks Services currently owns an 83.3% stake in the company.

Proceeds from the IPO will be used to improve the company's capital base, maintain solvency levels, and for general corporate purposes.

Cricketer Virat Kohli and his wife and Bollywood actor Anushka Sharma, who have invested in the company, are not selling any shares in the IPO.

In March, Securities and Exchange Board of India (SEBI) had given approval to Go Digit to launch an initial share sale.

The company had first filed the Draft Red Herring Prospectus (DRHP) with SEBI in August 2022 to raise funds through an IPO. However, it was awarded at that time due to some compliance requirements.

The company again filed the preliminary IPO papers with Sebi in April 2023.

The book-running lead managers for the IPO are Morgan Stanley India Company, ICICI Securities, Axis Capital, Nuvama Wealth Management, HDFC Bank and IIFL Securities.

About Go Digit

Go Digit provides insurance solutions, including motor, health, travel, property, marine, and liability insurance, to meet customers' needs.

It is one of India's first non-life insurers to fully operate on the cloud and has developed Application Programming Interface (API) integrations with several channel partners.