Go Digit General Insurance, a leading InsurTech unicorn backed by major investors, has launched its initial public offering (IPO) to raise funds for strengthening its solvency ratio and capital reserves.
This strategic move aims to support the company’s growth and expansion plans in the insurance market, according to InsurTech Insights.
The IPO offering by Go Digit General Insurance consists of a combination of fresh issuance and a stake sale by existing shareholders. It includes an offer-for-sale component of up to 54,766,392 equity shares by selling shareholders, along with fresh issuance worth Rs 1,125 crore.
Go Digit General Insurance is a prominent player in the insurance industry, offering a wide range of general insurance products to meet the diverse needs of customers.
With a focus on leveraging technology and innovation, the company provides efficient and customer-centric insurance solutions.
Notable investors in the firm, including Canada’s Fairfax Group and celebrity couple Virat Kohli and Anushka Sharma, are expected to retain their investment in the company. The IPO will conclude on May 17, providing these investors with an opportunity to participate in the growth of Go Digit General Insurance.
Go Digit General Insurance faced a penalty of Rs 1 crore by the Insurance Regulatory and Development Authority (IRDAI) for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued to Fairfax-owned FAL Corporation.
Despite this, the company secured approval from the market regulator, the Securities and Exchange Board of India (SEBI), for its IPO in March.
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