Go Digit IPO listing: Muted debut, shares list at 5.1% premium

Go Digit IPO: Shares of Go Digit General Insurance Limited, the Bengaluru-based startup, made a tepid debut on the stock market following an initial public offering that witnessed 9.6 times subscription.

The company's shares listed on Thursday at ₹286 apiece on the National Stock Exchange (NSE), marking a premium of 5.1% as compared to the issue price of ₹272 per share. Meanwhile, on the BSE, shares opened at ₹281.1 apiece, up 3.3%.

The IPO was open for subscription from May 15 to May 17.

The ₹2,614.65-crore issue, which had a price band of ₹258-₹272 per equity share, was subscribed 9.6 times. Bids were received for 50.76 crore equity shares, compared to the 5.28 crore shares on offer.

During the three-day subscription window, the quota set aside for qualified institutional bidders (QIBs) was oversubscribed 12.56 times, while the portion reserved for non-institutional investors (NIIs) was booked 7.24 times. The quota for retail investors was also booked 4.27 times.

The insurer intends to utilise IPO proceeds to increase the company's capital, maintain solvency levels, and for general corporate purposes.

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

Go Digit General Insurance IPO details

• Minimum investment: ₹14,190
• Lot size: 55 shares
• Issue size: ₹2,614.65 crore, including fresh shares worth ₹1,125 crore and an offer-for-sale (OFS) component of up to 5,47,66,392 shares

About Go Digit

Incorporated in 2016, Go Digit General Insurance Limited offers customisable motor, health, travel, property, marine, liability, and other insurance products.

As of December 31, 2023, the company has 74 active products and holds a 6% market share in the motor insurance segment.

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