• Source:PTI
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Go Digit General Insurance IPO:  On Thursday, the second day of bidding, Canada-based Fairfax-backed Go Digit General Insurance's initial public offering (IPO) was subscribed 79%. According to NSE data, 4,17,43,735 shares were subscribed against 5,28,69,677 shares in the initial share sale. The retail individual investors (RII) portion was subscribed 2.54 times, while the non-institutional investors portion was subscribed 73 percent. The qualified institutional buyers (QIB) portion received a 24 percent subscription. Go Digit General Insurance has raised over Rs 1,176 crore from anchor investors.

The company's initial share sale worth Rs 2,615 crore will end on Friday. The price band for the offer has been fixed at Rs 258-272 per share. Go Digit's initial public offering (IPO) involves the issuance of fresh equity shares worth Rs 1,125 crore and an offer for sale (OFS) of 5.47 crore equity shares worth Rs 1,490 crore by promoter Go Digit Infoworks Services and existing shareholders. This takes the total size of the IPO at the upper end of the price band to Rs 2,615 crore.

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Currently, Go Digit Infoworks Services holds an 83.3 percent stake in the company. The proceeds from the fresh issue are proposed to be used for enhancing the capital base of the company and maintenance of solvency level and for general corporate purposes.

Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any stake in the IPO.Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products to meet the needs of customers. It is one of the first non-life insurance companies in India to operate completely on the cloud and has developed application programming interface (API) integration with multiple channel partners.

ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management, and IIFL Securities are the book-running lead managers to the offer.

(With PTI's Input)

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