Virat Kohli and Anushka Sharma-backed Go Digit General Insurance opened its maiden offer for subscription on Wednesday. The initial public offering (IPO) worth Rs 2,614.65 crore comprises a fresh issue of 41.4 million shares for Rs 1,125 crore and an offer-for-sale (OFS) of 54.8 million shares. The shares are being sold by promoter Go Digit Infoworks Services and existing shareholders. Currently, Go Digit Infoworks Services controls a majority 83.3 per cent share in the firm.
The firm, supported by Canada-based Fairfax Group, received 36 per cent bids on its first day and will close the issue on Friday.
On the first day of subscription, the issue received 1.44 times bids from Retail Individual Investors (RIIs), while 34 per cent subscriptions came from non-institutional investors, official exchange data revealed.
The company also managed to raise over Rs 1,176 crore from anchor investors. The price band of the issue has been set at Rs 258-272 apiece. Investors applying for the issue will receive the allotment on May 21, 2024 and the listing will debut on the exchanges on May 23, 2024. Individuals can apply for the issue in a minimum lot of 55 shares and in multiples thereof.
The insurance provider plans to use the proceeds raised from the public listing for augmentation of the insurance firm’s capital base and solvency levels’ maintenance and general corporate purposes.
The firm based out of Bengaluru provide digital insurance including motor, health, travel, marine, liability, property, and other priducts. The firm also gives customised insurance policies for customers.
The issue is being managed by ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management, and IIFL Securities as the book-running lead managers.
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Kohli and Sharma are among the firm’s investors and are not planning to offload their share in the public issue.