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Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering

Economic TimesEconomic Times Ā· 6m
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering

Bengaluru-based digital insurance company, Go Digit General Insurance Ltd, has launched its Rs 2,615 crore initial public offering (IPO). The retail portion of the IPO was fully subscribed by 1.45 pm on Wednesday. The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale (OFS) of up to 54.7 million shares. Go Digit plans to use the net proceeds to support ongoing business operations and finance future growth activities, particularly focusing on digital and omnichannel expansion. The company reported a net profit of Rs 129 crore for April-December FY24 and achieved a valuation of $3 billion-$3.2 billion for the IPO. However, it has faced legal issues and penalties from the IRDAI.

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