Go Digit, the digital general insurance company, made a modest debut on the Indian bourses on Thursday, with its share price rising by 5%.
Stocks of Go Digit opened at Rs 286 per share on the NSE and Rs 281.1 apiece on the BSE. The company had priced its shares at Rs 272 apiece.
This modest increase in the share price of Go Digit was in line with market expectations, which had pegged the rise to be around 3%. At 11:07 AM, Go Digit stocks were trading at Rs 301.95 on the BSE.
Go Digit is the first company from the Indian startup ecosystem to be listed on the Indian stock exchanges this year. The insurtech unicorn recently concluded its Rs 2,615 crore public issue, which was a mix of issuance of equity shares and an offer for sale by existing investors.
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Go Digit’s initial public offering (IPO) was subscribed 9.60 times, with oversubscription seen from all three categories of investors—qualified institutional buyers, non-institutional investors, and retail investors.
The insurtech company will use the funds from the IPO to support its business operations and finance proposed activities. The company also expects the public listing to enhance its brand visibility.
Go Digit, which provides insurance products across health, travel, and vehicle segments, recorded a premium income of Rs 5,115 crore for the nine months ending December 2023, compared with Rs 3,767 crore a year ago. It reported a profit after tax of Rs 129 crore in the nine months compared with Rs 10 crore in FY23.
Edited by Suman Singh
