Virat Kohli Backed Go Digit Brings an IPO, Subscription Opens From 15th May

Go Digit General Insurance Limited is an insurance provider offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customise to meet their needs. The company has currently launched a total of more than 70 active products across all its business lines. The IPO for this company is going to be open for subscription from 15 May to 17 May.

About the company

The company offers various types of insurance and As of December 31, 2023, the company had about 61,972 partners, including 58,532 POSPs and other agents. The company had distribution centres in 24 states and union territories in India. It has 473 active bots to automate tasks for functions and partners. The company currently operates 75 offices throughout India. 

IPO Details

The Virat Kohli-backed  Go Digit IPO is set to open for subscription from 15 May to 17 May and it will have a price band of Rs.258 to Rs.272 per equity share of the face value of Rs.10 per share.

The issue size of the IPO would be around Rs.2,615 crore which will have a fresh issue of Rs.1,125 crore and an Offer for Sale of 54,766,392 shares according to the draft prospectus. The size of a single lot would be 55 shares.

About 75% of the IPO has been kept reserved for QIB (qualified institutional buyers), 15% for non-institutional investors and the remaining 10% for retail investors.

The company intends to continue its current business operations and pursue activities financed by the net proceeds. Additionally, listing its equity shares on stock exchanges is anticipated to bolster visibility and brand perception among both current and prospective customers.

Promoters and BRLM of the IPO

Go Digit IPO  promoters include FAL Corporation, Oben Ventures LLP, GoDigit Infoworks Services Private Limited, and Kamesh Goyal.

The book-running lead managers for the issue are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, Edelweiss Financial Services Ltd, Hdfc Bank Limited and Iifl Securities Ltd. The registrar for this issue is Link Intime India Private Ltd.

Company Turned Profitable in FY 2023-24

The company turned profitable in the financial year 2022-23, it has reported a net profit of Rs 35.54 crore with a revenue of Rs 39.19 crore. Its net profit came in at Rs 129.02 crore with a revenue of Rs 130.83 crore for the nine months that ended on December 31, 2023.

Conclusion

The company intends to continue its current business operations and pursue activities financed by the net proceeds of the issue, the IPO is set to open for subscription from May 15 – May 17, The basis for share allocation is expected to be finalised on May 21 The shares are likely to be listed on BSE and NSE on May 23.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.