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Fairfax-backed Go Digit General Insurance gets Sebi nod for IPO

New age insurer Go Digit General Insurance Limited has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The public issue is offered at a face value of Rs 10 each is a mix of fresh issue of equity shares worth up to Rs 1250 crore and an offer-for-sale (OFS) up to 109,445,561 equity shares by Promoter and Other selling shareholders, which comprises up to 109,434,783 Equity Shares by Go Digit InfoworksServices Private Limited, up to 4,000 Equity Shares by Nikita Mihir Vakharia, jointly with Mihir Atul Vakharia, up to 3,778 equity shares by Nikunj Hirendra Shah, jointly with Sohag Hirendra Shah, up to 3,000 equity shares Subramaniam Vasudevan, jointly with Shanti Subramaniam (“Selling Shareholders”). The offer also includes a reservation for subscription by eligible employees.

Additionally, the company in consultation with merchant bankers to the issue may consider a pre-IPO placement of equity shares, or any other method aggregating up to Rs. 250 crores. If such placement is completed, the fresh issue size will be reduced.

The proceeds from its fresh issuance are worth Rs. 1250 crore and will be utilized for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers. According to a company commissioned RedSeer report mentioned in the DRHP, it was one of the fastest growing insurers among private non-life insurers by Gross Written Premium (GWP) in Fiscal 2022.

ICICI Securities Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Edelweiss Financial Services Limited, HDFC Bank Limited, and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

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