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Digital insurtech startup Go Digit started its initial public offering (IPO) with a steady start on Wednesday. The subscription rate for the issue reached 36% on day one.

Founded in 2016, Go Digit is the first Indian startup to go public this year and aims to raise Rs 2,614.65 crore through the IPO. This general insurance company is raising capital through the book-building route and has priced its share in the range of Rs 258-272 per share.

As per data from BSE, Go Digit’s IPO saw 36% subscription with the retail investors already subscribing 1.44 times of their allotment. The non-institutional investors portion was subscribed 0.34% while the qualified institutional investors are yet to start subscribing.

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Virat Kohli and Anushka Sharma-backed Go Digit already raised Rs 1,176 crore from anchor investors, including the likes of Fidelity, Abu Dhabi Investment Authority, and Bay Pond Partners among others.

Go Digit provides insurance products across health, travel, vehicle, and travel. It recorded a premium income of Rs 5,115 crore for the nine months ending December 2023 compared to Rs 3,767 crore a year ago. The company reported a profit after tax of Rs 129 crore in the nine month period as compared to Rs 10 crore of FY23.

This insurtech startup became the first unicorn from the Indian startup ecosystem in 2021 and counts Fairfax, Faering Capital, IIFL among its investors.

The road to IPO for Go Digit has not been smooth as its first documents filed in August 2022 were sent back seeking additional information by SEBI and it refiled the papers in January 2023.

India’s startup ecosystem will closely watch Go Digit’s IPO as it is the first company to go public this year. Firstcry, Ola Electric and MobiKwik are among the companies hopeful of an IPO in the upcoming months.