Renowned for his skill on the field, cricket sensation Virat Kohli is making waves in the business world by making a sizable investment in Go Digit General Insurance. With an estimated Rs 1500 crores expected to be raised during the company’s IPO, Kohli’s calculated wager demonstrates his belief in the business’s potential. By using his celebrity influence outside of cricket, Kohli has endorsed Go Digit, highlighting the company’s encouraging future in the insurance industry.
On Wednesday, May 15, the bidding for Go Digit General Insurance’s initial public offering (IPO) will begin. Investors may place bids for a minimum of 55 equity shares and their multiples after that. The company has set the price band in the range of Rs 258–272. Subscribers can purchase the issue through Friday, May 17.
Go Digit General Insurance Announces IPO Offering; A Comprehensive Overview
Go Digit General Insurance is a general insurance company that provides liability, health, travel, property, marine, and auto insurance, among other insurance products. It is supported by Prem Watsa’s Fairfax Group. Clients can alter their insurance policy to suit their requirements.
Go Digit’s initial public offering (IPO) consists of an offer-for-sale (OFS) of up to 5,47,66,392 crore equity shares, valued at Rs 1,489.65 crore, in addition to a new share sale of Rs 1,125 crore. The company hopes to raise an IPO amount of Rs 2,614.65 crore at the upper end of the price range.
Go Digit General Insurance; Financial Performance, Shareholder Details, and Business Reach
The issue’s net proceeds will be put to use for both general corporate purposes and the company’s ongoing operations. The company’s selling shareholders will receive the proceeds from the OFS. On Tuesday, May 14, the issue’s anchor book opens.
For the nine months that ended on December 31, 2024, Go Digit reported revenue of Rs 130.83 crore and a net profit of Rs 129.02 crore. For the fiscal year that concluded on March 31, 2023, the company’s revenue was Rs 39.19 crore, and its profit for the first time was Rs 35.54 crore.
The company’s shareholders include renowned Indian cricketer Virat Kohli and his actress wife, Anushka Sharma, according to the RHP. In February 2020, Virat Kohli purchased 2,66,667 equity shares for Rs 75 each, investing Rs 2 crore in the company. Anushka, however, invested Rs 50 lakh in the company by purchasing 66,667 equity shares at the same price.
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Currently, Go Digit has 74 active products available across all of its business categories. As of December 31, 2023, it had approximately 61,972 partners, including 58,532 POSPs and other agents. With 473 active bots to automate tasks for partners and functions, it maintained distribution centers across 24 states and union territories in India.
Go Digit General Insurance IPO: Allocation Details and Key Players
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A maximum of 75% of the net issue has been set aside by the company for qualified institutional bidders (QIBs), with the remaining 15% of shares going to non-institutional investors. The final 10% of the shares will go to retail investors.
The book running lead managers of the Go Digit IPO are ICICI Securities, Morgan Stanley India Company, Axis Capital, Nuvama Wealth Management, HDFC Bank, and IIFL Securities. Link Intime India is the registrar for the offering. The company’s shares will be listed on the BSE and NSE, with a tentative listing date of Thursday, May 23.
