Insurance startup Go Digit fetches $141 million from Anchor Investors
Indian Insurance company Go Digit General Insurance offered Rs. 1,176 crore or $141 million to lead investor ahead of their Initial Public Offering (IPO). According to their regulatory filing accessed from the Bombay Stock Exchange, the managerial board at Go Digit General Insurance circulated a resolution offering 4, 32, 57,009 equity shares at an issue price of Rs. 272 each to its anchor investors.
Few key investors in Go Digit General Insurance’s IPO are SBI, ICICI Prudential, Axis Mutual Fund, Mirae Asset, Tata Flexi, Motilal Oswal, PGIM India, and Edelweiss. The filing further added that, out of total allocation of 4,32,57,009 equity shares to the anchor investors, 1,44, 96,570 equity shares were allocated to 11 domestic mutual funds through 23 schemes.
The company was founded by Kamesh Goyal, an ex-KPMG executive and insurance industry veteran, Go Digit sells auto, health, travel, and accidental insurance. Go Digit general insurance has started offering their IPO from 15th May and it will be open for public till 17th May with a price band of Rs. 258-272 with a minimum bid quantity of 55 shares.
The Mumbai based company has proposed to raise funds through the issue of equity shares of face value of Rs. 1 each consisting of a fresh issue of equity shares aggregating up to Rs. 1,125 crore and an offer for sale of up to 5,47,66,392 equity shares.
During last year, Go Digit refilled their draft of IPO papers and after that they minimized the IPO size. The firm was recently fined by the Insurance Regulatory and Development Authority of India (IRDAI) over an inordinate delay in the filing the particulars of a joint venture agreement.
The company is backed by venture capital firms like Peak XV, Fairfax Group, TVS Capital, A91 Partners, and Indian star cricketer Virat Kohli. It had sought to raise $440 million in the IPO from A91 Engineering, Faering Capital, and Peak XV command 3.23%, 2.06, and 1.00% respectively.
In the nine months, Go Digit recorded net revenue of Rs. 5,631 crore with a profit of Rs. 129 crore. During FY23, the firm posted a revenue of Rs. 5,909 crore along with a profit of Rs. 35.5 crore.
.jpg "Team Startupcity")
Few key investors in Go Digit General Insurance’s IPO are SBI, ICICI Prudential, Axis Mutual Fund, Mirae Asset, Tata Flexi, Motilal Oswal, PGIM India, and Edelweiss. The filing further added that, out of total allocation of 4,32,57,009 equity shares to the anchor investors, 1,44, 96,570 equity shares were allocated to 11 domestic mutual funds through 23 schemes.
The company was founded by Kamesh Goyal, an ex-KPMG executive and insurance industry veteran, Go Digit sells auto, health, travel, and accidental insurance. Go Digit general insurance has started offering their IPO from 15th May and it will be open for public till 17th May with a price band of Rs. 258-272 with a minimum bid quantity of 55 shares.
The Mumbai based company has proposed to raise funds through the issue of equity shares of face value of Rs. 1 each consisting of a fresh issue of equity shares aggregating up to Rs. 1,125 crore and an offer for sale of up to 5,47,66,392 equity shares.
During last year, Go Digit refilled their draft of IPO papers and after that they minimized the IPO size. The firm was recently fined by the Insurance Regulatory and Development Authority of India (IRDAI) over an inordinate delay in the filing the particulars of a joint venture agreement.
The company is backed by venture capital firms like Peak XV, Fairfax Group, TVS Capital, A91 Partners, and Indian star cricketer Virat Kohli. It had sought to raise $440 million in the IPO from A91 Engineering, Faering Capital, and Peak XV command 3.23%, 2.06, and 1.00% respectively.
In the nine months, Go Digit recorded net revenue of Rs. 5,631 crore with a profit of Rs. 129 crore. During FY23, the firm posted a revenue of Rs. 5,909 crore along with a profit of Rs. 35.5 crore.
.jpg "Data Foundry: Pioneering Innovative AI Solutions for Safer Drug Discovery")
