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Upcoming IPO: Virat Kohli, Anushka Sharma Backed Go Digit Set For Stock Market Debut - All You Need to Know

The IPO comprises a fresh issue of shares worth Rs 1,125 crore alongside an Offer for Sale (OFS) of 54,766,392 shares, as outlined in the draft prospectus.

Times Now Digital

Updated May 9, 2024, 12:53 IST

Virat Kohli, Anushka Sharma, Go digit, Insurance, Stock Market, IPO, nse, BSE, Upcoming IPO

Upcoming IPO: Virat Kohli, Anusha Sharma Backed Go Digit Set for Stock Market Debut - All You Need to Know (image source: Times Now Digital)

Virat Kohli : Indian cricketer Virat Kohli and actress Anushka Sharma backed Bengaluru-based insurance Go Digit General Insurance announced the launch of its Initial Public Offering (IPO), the company is set to test IPO waters on May 15 and the subscription window opens for three days and closes on May 17. Check details.

Go Digit IPO Details

The IPO comprises a fresh issue of shares worth Rs 1,125 crore alongside an Offer for Sale (OFS) of 54,766,392 shares, as outlined in the draft prospectus.

Go Digit Stakeholders and Investors

In this IPO, promoter Go Digit Infoworks and existing shareholders are divesting stakes, while star couple Virat Kohli and Anushka Sharma will retain their investor status. Kohli acquired 266,667 shares in 2020 for Rs 2 crore, while Sharma invested 50 lakh through a private placement.

Go Digit Compliance Challenges and Regulatory Approval

Digit's IPO journey encountered obstacles due to compliance issues, leading to delays in regulatory approval. The Securities and Exchange Board of India (SEBI) raised concerns over share issuance, prompting the draft offer document to be returned twice. However, after refiling its IPO papers with SEBI in March last year, Go Digit received regulatory approval in March this year.

Go Digit IPO Objective

The insurance firm intends to utilize the net proceeds from the IPO to bolster its capital base and maintain solvency levels, reflecting its strategic focus on financial stability and growth.

Go Digit Financial Performance

Between 2018 and 2022, Go Digit incurred an underwriting loss of Rs 1,917 crore while earning an investment income of Rs 746 crore, resulting in a net operating loss of Rs 1,171 crore during this period. Despite challenges, the company remains committed to navigating the insurance landscape and delivering value to stakeholders.

Go Digit IPO Book-Running Lead Managers

Leading financial institutions, including ICICI Securities, Morgan Stanley India, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities, have been appointed as the book-running lead managers for the IPO. Their expertise and guidance are instrumental in facilitating a seamless IPO process and maximizing investor participation.

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