Key Points of Go Digit General Insurance IPO Resubmits SEBI Draft:
- Go Digit General Insurance Ltd has resubmitted draft papers to SEBI for an IPO.
- The company is backed by Canadian company Fairfax and cricketer Virat Kohli.
- SEBI returned the DRHP in February due to its rules regarding employee stock appreciation rights.
- Go Digit made changes to its ESOPs, which were approved by the board and shareholders.
- The IPO includes a fresh issue of Rs 1,250 crore and an offer for sale of up to 109.45 million shares by shareholders and promoters.
- Proceeds from the fresh issue will be used to increase the company’s capital base, maintain solvency levels, and for general corporate purposes.
- Go Digit provides a range of insurance products, operates entirely on the cloud, and has developed API integrations with several channel partners.
Details of Go Digit General Insurance IPO Resubmits SEBI Draft:
Go Digit General Insurance Ltd, backed by Canadian company Fairfax and cricketer Virat Kohli, has resubmitted draft papers to the Securities Exchange Board of India (SEBI) for an initial public offering (IPO).
The move comes after the market regulator returned the Draft Red Herring Prospectus (DRHP) in February, citing SEBI’s Issuance of Capital and Disclosure Requirements rules that do not exempt employee stock appreciation rights as they do employee stock option plans (ESOPs) at the time of filing the draft prospectus. However, Go Digit has since made changes to the ESOPs that were approved by both the board and shareholders earlier this month.
The IPO will consist of a fresh issue of Rs 1,250 crore and an offer for sale of up to 109.45 million shares by shareholders and promoters. The offer for sale will include up to 109.43 million shares by Go Digit Infowarks Services Pvt Ltd. Notably, Kohli and his wife, actor Anushka Sharma, are among the investors in the company.
Proceeds from the IPO’s fresh issue will be used to increase the company’s capital base and maintain solvency levels, as well as for general corporate purposes. Go Digit provides a range of insurance products, including motor, health, travel, property, marine, and liability insurance. It is also one of the first non-life insurers in India to operate entirely on the cloud, and it has developed application programming interface integrations with several channel partners.
About Go Digit General Insurance:
Go Digit Insurance, established in 2016 in Bengaluru, India, is backed by Toronto-based financial holding company, Fairfax, and Virat Kohli. The company’s focus is on providing simple and hassle-free general insurance products to its customers, with a streamlined process from purchasing to filing claims. Go Digit Insurance offers a range of insurance products including car, travel, bike, home, mobile, and bicycle insurance.
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