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Go Digit General Insurance raises ₹1,176 crore from key investors

Go Digit General Insurance Ltd, a company backed by Canada-based Fairfax Group, raised Tuesday, May 14 1,176.59 crores from key investors. The company informed the stock exchanges that it has allotted 4,32,57,009 shares to 272 per share on May 14 to anchor investors.

The foreign and domestic institutions that participated in the peg were Fidelity Investment Trust, Bay Pond Partners LP, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Schroder International, East Spring Investments India and Custody Bank of Japan.

Additionally, SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, Mirae Asset Mutual Fund, Ashoka WhiteOak Mutual Fund, Malabar Mutual Fund, Steadview Capital Mauritius Ltd, Optimix Wholesale Global Emerging Markets Share Trust, ACM Global Fund, HDFC Life Insurance and ITPL Invesco India Mutual Fund is among the leading investors in this category.

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Out of the total allotment of 4,32,57,009 shares to anchor investors, 1,44,96,570 shares were allotted to 11 domestic mutual funds through 23 schemes amounting to 394.31 crore (approximately), which is 33.51% of the total anchor book size.

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The initial public offering (IPO) of Go Digit General Insurance amounting to 2,615 crores will be open for public subscription from May 15 to 17 and bidding for anchor investors will open for one day on May 14.

Go Digit’s proposed IPO includes a fresh issue of shares worth 1,125 crore and an offer for sale (OFS) of 5.47 crore shares by promoter Go Digit Infoworks Services and existing shareholders worth 1,490 million. This brings the total size of the IPO to 2,615 crore at the upper end of the price range.

Currently, Go Digit Infoworks Services holds an 83.3% stake in the company. It was proposed that the proceeds from the new issue would be used to increase the capital base of the company and maintain solvency levels and general corporate purposes.

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Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the company. They don’t sell any shares in the IPO. Around 75% of the issue size has been reserved for qualified institutional investors, 15% for non-institutional investors and the remaining 10% for retail investors. Investors can bid for a minimum of 55 shares and thereafter in multiples of 55 shares.

Go Digit offers auto insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, to meet customer needs. It is one of the first non-life insurers in India to be fully cloud-operated and has developed application programming interface (API) integrations with several channel partners.

ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management and IIFL Securities are the lead managers for Go Digit’s IPO.

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