Virat Kohli-backed Go Digit IPO booked 36% on day 1: Check subscription status, price band and lot size

The Go Digit General Insurance IPO opened to a lukewarm demand from public investors on Wednesday, May 15. The initial public offer of the Virat Kohli-backed insurance firm was booked only 36% on the first day of bidding, the NSE data at 5:10 pm.

The public issue received bids for over 1.88 crore shares against 5.28 crore shares on offer. The non-institutional investors (NIIs) booked 34% of over 1.44 crore shares on offer for the segment with bidding for only more than 30.31 crore shares. However, the retail portion was oversubscribed .44 times with biddings for nearly 1.38 crore shares against 96.12 crore shares reserved for the category.

The qualified institutional buyers (QIBs) applied for only 58,960 shares against 2.88 crore shares set aside for them.

Go Digit IPO date and other key details

The Go Digit General Insurance IPO, a book-building issue worth ₹2,614.65 crore, comprises a fresh issue of 4.14 crore shares, amounting to ₹1,125.00 crore, alongside an offer-for-sale component of 5.48 crore shares, totalling ₹1,489.65 crore.

The subscription window for the public issue is open until May 17. Subsequently, the basis of allotment is scheduled for May 21, determining the allotment status for investors.

Refunds for unsuccessful applicants and the crediting of shares to demat accounts for successful applicants are scheduled for May 22. On May 23, the Go Digit IPO shares are expected to be listed on the stock exchanges.

The book running lead managers for the Go Digit IPO are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Ltd and Nuvama Wealth Management Limited. The issue’s registrar is Link Intime India Private Ltd.

Go Digit IPO price band

Go Digit IPO price band has been fixed at ₹258 to ₹272 per share. The minimum lot size for an application stands at 55 shares, requiring an investment of ₹14,960 for retail investors. Similarly, NIIs are required to apply for a minimum of 14 lots, equivalent to 770 shares, with an investment of ₹2,09,440.

Go Digit IPO objectives

Go Digit General Insurance Limited plans to use the net proceeds from the IPO to maintain solvency ratios as per regulatory requirements and support its current business operations. Through the listing on stock exchanges, the company also aims to enhance visibility and brand image among customers.

About Go Digit General Insurance

Incorporated in 2016, Go Digit General Insurance Limited is the largest digital full stack non-life insurance company in India. The company offers insurance policies across categories like motor, health, travel, property, marine, liability and other insurance products.

As on 31 December 2023, the company’s operations were spread across 24 states and Union Territories.