According to the sources, Go Digit General Insurance received final approval from the insurance regulator Irdai on Friday to list on stock exchanges. The proposed initial share sale of the Canadian insurer backed by Fairfax Group has been in ‘abeyance’ by markets regulator Sebi since September.
Irdai Approves Go Digit General Insurance
On August 17, Go Digit submitted preliminary IPO documents to the authority for financial markets. Virat Kohli of the cricket team and his wife Anushka Sharma are among the company’s investors.
According to the draft papers, the company’s projected initial public offering (IPO) would have included a promoter and existing shareholders’ offer to sell 10.94 crore equity shares together with a new issuance of equity shares valued at Rs 1,250 crore. The fresh issuance’s proceeds were to be put to use for general corporate purposes, boosting the company’s capital base, and maintaining solvency levels.
About the Go Digit
To fulfill the demands of the consumers, Go Digit offers a variety of insurance products, including liability insurance, health insurance, travel insurance, property insurance, and marine insurance. One of the earliest non-life insurers in India, it has created application programming interface (API) interfaces with several channel partners.
The cricketer Virat Kohli and his wife Anushka Sharma are listed as investors in Go Digit General Insurance in draft documents. With Gross Written Premium (GWP) at Rs 5,268 crore, Rs 3,243 crore, and Rs 2,252 crore in the fiscal years 2022, 2021, and 2020, and a compound annual growth rate (CAGR) of 53% from fiscal 2020 to fiscal 2022, the Bengaluru-based company has a history of generating growth.
The issue’s book-running lead managers are ICICI Securities, Morgan Stanley India Company, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities.
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