Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi’s go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday.
According to an update with the Sebi, the regulator gave its observation on March 1.
In Sebi’s parlance, obtaining observation letter means the regulator’s go- ahead to launch the public issue.
The company had first filed the DRHP with Sebi in August 2022 to raise funds through an initial share sale. However, it was thwarted primarily due to certain compliance requirements pertaining to the employee stock appreciation rights scheme.
Sebi returned Go Digit’s draft IPO papers on January 30, 2023 and asked the company to refile the documents with certain updates.
Following this, the company again filed the preliminary IPO papers with Sebi in April 2023.
Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm.
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Go Digit IPO Issue Size
Go Digit’s proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP).
Go Digit IPO Objective
Proceeds from the fresh issuance would be utilised for the augmentation of the company’s capital base and maintenance of solvency levels and for general corporate purposes.
About Go Digit
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 insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners.
(With PTI inputs)
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