Go Digit ends debut trading day 12.4% higher on stock exchanges
Insurtech company Go Digit had priced its public issue at Rs 272 per share, and the market capitalisation stands at Rs 28,000 crore
Go Digit, the digital general insurance company, gained 12.4% on the debut of its listing on the Indian bourses on May 23, with its share price ending at Rs 305.75 on BSE.
The stock price of Go Digit opened at Rs 286 per share on the NSE and Rs 281.1 apiece on the BSE. The company had priced its shares at Rs 272 apiece. It reached an intra-day high of Rs 314 on BSE.
The market capitalisation of the company on day one of public listing stood at Rs 28,000 crore ($3.4 billion approx.).
Go Digit is the first startup listed on the Indian stock exchanges this year. The insurtech unicorn recently concluded its Rs 2,615 crore public issue, which was a mix of issuance of equity shares and an offer for sale by existing investors.
Go Digit's initial public offering (IPO) was subscribed 9.60 times, with oversubscription seen from all three categories of investors—qualified institutional buyers, non-institutional investors, and retail investors.
The insurtech company will use the funds from the IPO to support its business operations and finance proposed activities. The company also expects the public listing to enhance its brand visibility.
Go Digit, which provides insurance products across health, travel, and vehicle segments, recorded a premium income of Rs 5,115 crore for the nine months ending December 2023, compared with Rs 3,767 crore a year ago. It reported a profit after tax of Rs 129 crore in the nine months compared with Rs 10 crore in FY23.
(The story was updated with a new feature image.)
Edited by Suman Singh