Go Digit General Insurance IPO: The Insurance Regulatory Authority of India (IRDAI), the regulator of the insurance sector, has approved the IPO of Fairfax-backed Go Digit General Insurance Limited. Go Digit is about to issue an IPO of Rs 1250 crore. In the month of August, Go Digit General Insurance Limited had filed draft paper with SEBI to bring IPO. In the month of October, SEBI sought some clarifications from the investment bankers handling the IPO and SEBI is awaiting their reply.
Go Digit Insurance is in the process of listing in the stock market. The company will raise Rs 1250 crore through fresh issue. The company will use the amount raised through the IPO to increase the capital base. Virat Kohli, the former captain of the Indian cricket team, is the brand ambassador of Go Digit Insurance and is also an investor in the company. His wife and actress Anushka Sharma is also an investor in the company. Let us tell you that Kamesh Goyal is the founder of Digit Insurance, who founded the company in 2017, who himself used to lead the joint venture of Germany’s insurance company Allianz in India. Canadian billionaire Prem Watsa’s Fairfax Group is also invested in Digit Insurance.
Go Digit has appointed Morgan Stanley and ICICI Securities as the bookrunners for the IPO. Digit was valued at $4 billion when it raised $400 million from private equity investors. Digit is present in the non-life insurance sector and has served more than 2 crore customers till date. The company does car bike, health, travel insurance. The non-life insurance sector in India is yet to expand significantly.
In the financial year 2021-22, the company has incurred a loss of Rs 295.86 crore, which was Rs 122.76 crore in its first year. Asset under management has increased by 68 percent to Rs 9393.88 crore in 2021-22. Which was Rs 5590.10 crore a year ago.
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