Go Digit sets IPO price band at Rs 258-272 per share
In 2021, the Pune-based startup not only became the first Indian unicorn of the year but was also the first insurtech company to achieve a billion-dollar valuation.
Go Digit General Insurance Ltd has fixed the price band for its initial public offer (IPO) at Rs 258 to Rs 272 per equity share. The IPO will open on Wednesday (May 15, 2024) for subscription and close on Friday (May 17, 2024).
The allocation to anchor investors will happen on Tuesday, May 14.
The Pune-based company is conducting the IPO through the book building process, allocating a minimum of 75% to qualified institutional buyers, up to 15% proportionately to non-institutional bidders, and a maximum of 10% to retail individual bidders.
The offer with a face value of ₹10 per equity share is a mix of fresh issue of Rs 1,125 crore and an
offer-for-sale up to 54.77 million equity shares by promoters and other shareholders. Up to 54,755,614 equity shares are proposed to be sold by one of the promoters, Go Digit Infoworks Services Private Limited, as per the red herring prospectus.
Notable personalities Virat Kohli and Anushka Sharma are expected to retain their investment in the insurtech firm.
Go is primarily owned by Go Digit Infoworks Services, which holds an 83.3% stake in the company. The general insurance provider offers a wide range of insurance products, including motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other customised insurance solutions.
The fintech firm is backed by Canada-based Fairfax Group, founded by Prem Watsa. In 2021, the startup not only became the first Indian unicorn of the year but was also the first insurtech company to achieve a billion-dollar valuation.
Edited by Swetha Kannan