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Virat Kohli-backed Go Digit IPO to open on May 15, close on May 17
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Cricketer Virat Kohli and actor Anushka Sharma, who are shareholders of Go Digit, are not selling their shares in the IPO.
Go Digit General Insurance is set to go public on May 15. The public issue will close on May 17. Further, the anchor investor bidding will be open one day prior to the bid/offer opening date, i.e., May 14, 2024, the company said in an exchange filing.
The Go Digit IPO consists a fresh issue of shares worth ₹1,125 crore, and an offer-for-sale (OFS) component of up to 5.47 crore equity shares.
Canada-based Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma are among the shareholders of the company.
While promoter Go Digit Infoworks and other existing shareholders are offloading stakes, Virat Kohli and Anushka Sharma will remain investors.
FAL Corporation is owned by Fairfax Financial Holdings, which owns 45.3% of Go Digit’s holding or parent company —Go Digit Info Works Services (GDISPL)— while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96 % and 39.79%, respectively.
Originally planned in 2022, the Bengaluru-based general insurance company had received a go-ahead in March to launch its IPO after series of delays over multiple compliance issues.
Go Digit Insurance’s net loss widened to ₹295 crore in the financial year 2022, compared to ₹122 in FY21. The company’s total income stood at ₹3,841 crore for FY22. The premium income in FY22 grew 62 percent from FY21.
The Bengaluru-based company provides health, travel, property, marine, liability, and other general insurance. The company has a valuation of over $1 billion. It is one of the first non-life insurers in India to be fully cloud-based and integrates APIs.
Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book-running lead managers to the issue, while Link Intime India is the registrar.
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