Check out the Go Digit, backed by Virat Kohli, set to debut IPO next week
According to a report by ET Now, Go Digit General Insurance is expected to announce the company price band for the IPO next week. The company price band will be announced on Friday, 10th May 2024. The anchor book is expected to be opened on Tuesday, 14th May 2024. The IPO is scheduled to take place on Wednesday, 15th May 2024.
Prem Watsa’s Fairfax group-backed insurance company is likely to raise Rs 1.500 crore through an initial public offer (IPO) that includes a fresh Rs 1.250 crore share sale and an offer for sale (OFS)-up to Rs 10,94 crore of equity shares in the company’s promoters’ and existing shareholders’ portfolios, totaling Rs 250 crore.
Go Digit General Insurance offers a wide range of insurance products, including motor insurance, health insurance, travel insurance, property insurance, and marine insurance. In March 2024, Sebi, the capital markets watchdog, cleared Go Digit General Insurance to initiate its first share sale after several delays.
Go Digit plans to utilize the capital raised from Go Digit IPO to strengthen its capital reserves and ensure financial stability. Market analysts are keeping a close watch on Go Digit’s IPO and are expecting significant investor interest, given the company’s track record and strategic position in the insurance space.
Virat Kohli, the ace cricketer of India, along with his wife and actress Anushka, is also a shareholder of the company. According to the DRHP, in February 2020, Kohli invested Rs 2 crore in the company to purchase 2.66 lakh equity shares at a price of Rs 75 each. While Anushka purchased 66 lakh equity shares at Rs 75 each, she invested Rs 50 lakh in the company.
Go Digit may also have a portion of shares for eligible employees. 75 percent of the net offer will go to eligible institutional bidders, 15 percent to non-institutional investors, and 10 percent to retail investors.
ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Edelweiss Finance Services, and IIFL Securities are the book-running lead managers for Go Digit’s IPO. Link Intime India is the issuing registrar. The company’s shares will be listed on the BSE and the NSE.
