Go Digit Insurance files papers with SEBI for IPO. Virat Kohli & Anushka Sharma are among investors

Published on Aug 19, 2022 11:34 AM IST

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.
IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.
PTI |

Go Digit General Insurance Limited, a firm backed by Canada-based Fairfax Group has filed draft papers with Securities Exchange Board of India (SEBI) to raise funds through initial public offering (IPO). According to the papers, cricketer Virat Kohli and his wife Anushka Sharma are among the investors in the firm, PTI reported.

Go Digit's IPO comprises fresh issuance of equity shares worth 1,250 crore and and offer for sale of 10.94 crore equity shares by a promoter and existing shareholders.

As per the offer-for-sale (OFS), Go Digit will sell 10,94,34,783 equity shares. The company may consider a pre-IPO placement of equity shares aggregating up to 250 crore. According to the papers, the proceeds from the fresh issuance will be ‘utilised for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.’

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the 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.

As per the draft papers, cricketer Virat Kohli and his wife Anushka Sharma are among the investors of Go Digit General Insurance.

The Bengaluru-based company has a track record of delivering growth with Gross Written Premium (GWP) at 5,268 crore, 3,243 crore and 2,252 crore in financial years 2022, 2021, and 2020, with a compound annual growth rate (CAGR) of 53 per cent from fiscal 2020 to fiscal 2022.

ICICI Securities, Morgan Stanley India Company, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities are the book running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.

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