As part of its initial public offering, Go Digit General Insurance has made shares valued at Rs 1,176 crore ($141 million) available to anchor investors.
According to a regulatory filing obtained from the Bombay Stock Exchange, the board of Go Digit General Insurance has decided to offer 4,32,57,009 equity shares at an issue price of Rs 272 per share to its anchor investors.
Among the major anchor investors in Go Digit General Insurance’s IPO are SBI, ICICI Prudential, Axis Mutual Fund, Mirae Asset, Tata Flexi, Motilal Oswal, PGIM India, and Edelweiss Bank. The filing also stated that 1,44,96,570 equity shares were distributed to 11 domestic mutual funds through 23 schemes, out of the total allocation of 4,32,57,009 equity shares to the anchor investors.
Starting today, May 15–17, 2024, Go Digit General Insurance will hold its public offering. The price range for the shares is Rs 258–272, with a minimum bid quantity of 55 shares.
Within the DRHP, the Gurugram-based company had suggested raising money by issuing equity shares with a face value of Rs 1 each. This would involve issuing new equity shares up to Rs 1,125 crore and offering to sell up to 5,47,66,392 equity shares.
Digit lowered the size of the IPO after refiling its draft IPO documents the previous year. The company was penalized by the Insurance Regulatory and Development Authority of India (IRDAI) for filing joint venture agreement details with excessive delay.
With an 80.57% stake in the company, Go Digit Infoworks Services holds the largest share, followed by TVS Shriram Growth with 3.43%. Peak XV, Faering Capital, and A91 Engineering command 1.00%, 2.06%, and 3.23%, respectively.
Go Digit reported net revenue of Rs 5,631 crore and profit of Rs 129 crore for the nine months of FY24 (March 23–Dec 23). The company reported Rs 5,909 crore in revenue and Rs 35.5 crore in profit for FY23.
