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Insurtech startup Go Digit General Insurance gets SEBI's approval for IPO launch

IndianStartupNews

IndianStartupNews · 1y ago

Insurtech startup Go Digit General Insurance gets SEBI's approval for IPO launch

Go Digit General Insurance, an Indian insurtech startup backed by Fairfax Group, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The IPO includes a fresh issuance of shares worth Rs 1,250 crore and an offer for sale of 10.94 crore shares by existing shareholders. Go Digit aims to strengthen its capital base, maintain solvency levels, and support general corporate purposes. The startup offers a wide range of insurance products and is known for being India's first cloud-based non-life insurer. Cricket star Virat Kohli and actor Anushka Sharma are among its notable investors.

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Insuretech Unicorn Digit Gets SEBI Nod For IPO

Inc42 · 1y ago

Insuretech Unicorn Digit Gets SEBI Nod For IPO

Insurance technology company Digit Insurance has reportedly received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The approval comes almost a year after Digit refiled its draft red herring prospectus (DRHP). SEBI's letter to Digit and its IPO advisers stated that the proposed issue could open for subscription within a 12-month period. The approval suggests that SEBI is satisfied with the IPO application. Digit is aiming to list in May and would become the second insurtech startup to go public in India after Policybazaar's parent company.

Fairfax-backed Go Digit Insurance gets SEBI approval for IPO

VCCircle

VCCircle · 1y ago

Fairfax-backed Go Digit Insurance gets SEBI approval for IPO

Go Digit General Insurance, backed by Fairfax, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company had filed its draft prospectus in August 2022, but faced delays due to concerns raised by SEBI. Go Digit plans to raise around $151 million through the issuance of new shares and offer for sale of existing shares. The IPO comes at a time when India's stock market is performing well and the IPO market is booming. However, Go Digit faced criticism earlier this year over accounting practices.

IRDAI slaps show-cause notice, multiple advisories to Go Digit

YourStory

YourStory · 1y ago

IRDAI slaps show-cause notice, multiple advisories to Go Digit

Insurance aggregator Go Digit General Insurance has received a show cause notice from IRDAI (Insurance Regulatory and Development Authority) over non-disclosure of a change in the conversion ratio of preference shares. The notice was related to a violation of the Insurance Act. The company has responded to the notice, and the matter is pending. Go Digit had previously filed for an IPO in August 2022 but faced SEBI's request for modifications. The company resubmitted its IPO papers in April this year. IRDAI has also issued multiple advisories to the company regarding various compliance-related matters.

Digit IPO: Insurtech Raises INR 1,176 Cr From Anchor Investors

Inc42 · 1y ago

Digit IPO: Insurtech Raises INR 1,176 Cr From Anchor Investors

Insurtech company Go Digit General Insurance (Digit) has raised INR 1,176.6 Cr ($158.7m) from its anchor investors ahead of its IPO, which is set to raise a total of INR 2,614.6 Cr ($352.7m). The IPO includes a fresh issue of shares worth INR 1,125 Cr ($151.6m) and an offer for sale (OFS) of 5.47 Cr ($737k) shares. The IPO is scheduled to open on 15 May and close on 17 May, with Digit planning to list on the BSE and NSE on 23 May.

Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced

Economic Times

Economic Times · 1y ago

Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced

Bengaluru-based insurtech start-up Go Digit General Insurance is set to launch its Rs 2,615 crore IPO from May 15 to May 17, with a price band of Rs 258 to Rs 278 per share. The IPO consists of fresh issue of shares worth Rs 1,125 crore and an offer for sale of 54,766,392 shares. The bidding process allows a maximum of 55 equity shares. 75% of the IPO is reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Go Digit's net earned premium for the nine-month period ending December 2023 rose to Rs 5,115 crore, while its profit after tax reached Rs 129 crore.

Unlike other startup IPOs, our promoters didn't want to sell more: Go Digit's Kamesh Goyal

Money Control

Money Control · 1y ago

Unlike other startup IPOs, our promoters didn't want to sell more: Go Digit's Kamesh Goyal

Go Digit General Insurance, an insurance-tech startup that is set to go public, has had to reduce the size of its offer for sale (OFS) by almost 50% as its promoters do not want to sell more shares. The company aims to raise primary capital of Rs 1,125 crore through its IPO, down from the initial plan. Additionally, Go Digit has had to lower its valuation, pricing the company at slightly less than $3 billion, despite being valued at $3.58 billion in the last private round. The IPO is scheduled to open on May 15 and close on May 17.

Digit IPO: Litmus Test For Insurance Tech

Inc42 · 1y ago

Digit IPO: Litmus Test For Insurance Tech

Insurance tech unicorn, Go Digit, is set to go public with an IPO valued at over INR 1,125 Cr. This IPO is considered to be one of the most significant ones for the Indian startup ecosystem since 2021. Go Digit is aiming for a valuation of $3 Bn, which is a 25% discount to its last private market valuation of $4 Bn. The IPO is expected to determine the fate of other Indian startup IPOs in 2024. With a focus on motor and health insurance, Go Digit is looking to continue its growth and justify its high valuation through profitability.

GoDigit turns profitable in FY23, gross premium rises

VCCircle

VCCircle · 1y ago

GoDigit turns profitable in FY23, gross premium rises

Go Digit General Insurance Ltd, backed by Fairfax India Holdings, has reported a net profit for the fiscal year ending in March 2023. The company managed to improve its claims and increase its assets under management (AUM). Go Digit, which is preparing for an IPO, experienced a rise in gross premium as well.

Go Digit makes stock market debut, gains 12% on issue price

Economic Times

Economic Times · 1y ago

Go Digit makes stock market debut, gains 12% on issue price

Bengaluru-based insurance company Go Digit General Insurance made its stock market debut, with shares listing on the National Stock Exchange at a 5.15% premium on the issue price. The company's stock closed at a 12.4% premium on the issue price. The IPO was subscribed 9.6 times, with strong participation from retail and institutional investors. Go Digit's market capitalization stands at over Rs 28,000 crore. The company raised Rs 2,615 crore through the IPO, with the funds being used for business operations and general corporate purposes.

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

Economic Times

Economic Times · 1y ago

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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