Mumbai/Kolkata: Bengaluru-based Go Digit General Insurance Limited is one of the leading digital full-stack insurance companies founded in 2017 by insurance veteran Kamesh Goyal has fixed the price band at ₹258 to ₹272 per equity share for its initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, May 15, 2024, for subscription and close on Friday, May 17, 2024. Investors can bid for a minimum of 55 Equity Shares and in multiples of 55 Equity Shares thereafter.
The Offer with a face value of ₹10 per Equity Share is a mix of fresh issue of Rs. 1,125 crore and an offer for sale up to 54.77 million equity shares by Promoters and Other Selling Shareholders.
The Company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, according to the needs of the customers. For the nine months ended December 31, 2023 motor insurance contributed 61.1% of the GWP.
As of December 31, 2023, there were 43.26 million customers or people availing insurance benefits under various policies issued by the company since the inception of its insurance operations in 2017.
The Offer is being made through the Book Building Process, wherein at least 75% of the Offer shall be allocated to Qualified Institutional Buyers, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders.
