Go Digit General Insurance, an insurtech company backed by Fairfax Group of Canada, has received approval from the market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The IPO of Go Digit will be a mix of a fresh issue of equity shares worth Rs 1,250 crore and an offer for sale of 10.94 crore shares by promoters and other selling shareholders. The IPO is being offered at a face value of Rs 10 per share.
The company said it may consider a pre-IPO placement of equity shares or any other method aggregating up to Rs 250 crore. If such placement is completed, the fresh issue size will be reduced.
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Go Digit said the proceeds of the IPO will be utilised for the augmentation of its capital base and maintenance of solvency levels and general corporate purposes.
The company had first filed its draft red herring prospectus (DRHP) in August 2022 but the SEBI did not provide the approval and sought additional information. Go Digit refiled the papers in April 2023.
Founded in 2016, Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products. Besides Fairfax, the other notable investors include A91 Partners, Peak XV Partners, TVS Capital etc. In 2021, it became the first insurtech startup to turn unicorn.
Go Digit joins the list of other Indian startups which have submitted their papers for IPO, including Ola Electric, Firstcry, and MobiKwik, among others.
Edited by Kanishk Singh
