Go Digit IPO: Go Digit General Insurance, a Canada-based Fairfax Group-backed company, is gearing up to launch its initial public offer (IPO) on May 15. According to the company’s IPO document, investors will have an opportunity to place bets from May 15 to 17. At the same time, anchor (larger) investors will be able to bid on May 14. The issue price for the IPO is yet to be announced but it is creating a storm in the gray market. The gray market premium of the IPO is Rs. is 50. Let us tell you that the company had received approval from the Securities and Exchange Board of India for the IPO in March.
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IPO details
Go Digit’s proposed IPO at Rs. 1,125 crore are new shares. Apart from this, there is also an offer for sale (OFS) of 5.47 crore equity shares by promoter Go Digit Infoworks Services and existing shareholders. Go Digit Infoworks Services currently holds 83.3 percent stake in the company. Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL are book-running lead managers of the securities issue. Whereas, Link Intime India is the registrar.
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Cricketer Virat Kohli and his wife and actress Anushka Sharma are also among the investors of this company. They do not sell any shares in the IPO. FAL Corporation is owned by Fairfax Financial Holdings, which holds a 45.3% stake in Go Digit. Apart from this, Kamesh Goyal and Oben Ventures LLP hold 14.96% and 39.79% stake in the company.
What were the financial results?
Go Digit Insurance’s net loss widened to ₹295 crore in FY2022 from ₹122 crore in FY2021. The company’s total revenue for FY22 was ₹ 3,841 crore. Premium income in FY22 was up 62 percent from FY21.