March 25, 2023

New Delhi. IRDAI has given its approval to bring Virat Kohli-invested Go Digit General Insurance Company for listing on the stock exchanges BSE and NSE on Friday. However, the permission of SEBI is yet to be received. This IPO will be worth around Rs 1250 crore. The proceeds from the IPO will be used for augmenting the capital base of the company and for maintenance of solvency levels and general corporate objectives.

Go Digit had filed preliminary IPO documents with the capital market regulator SEBI in August 2022. As per the draft Red Herring Prospectus (DRHP), Go Digit General Insurance Ltd plans to issue an IPO consisting of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 10,94,45,561 equity shares .

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Pre-IPO placement up to Rs 250 crore
Go Digit Infoworks Services Private Limited will sell 10,94,34,783 Equity Shares under the Offer for Sale. Also, the company may consider pre-IPO placement of equity shares up to Rs 250 crore. If such placement is completed, the size of the fresh issue will be reduced.

Virat-Anushka’s investment
Go Digit offers travel insurance, health insurance, motor insurance, property insurance, liability insurance and marine insurance, apart from other insurance products. The company is one of the first non-life insurance companies in India to operate completely on cloud and has developed Application Programming Interface (API) integration with multiple channel partners. According to the IPO papers, cricketer Virat Kohli and his wife Anushka Sharma are among the investors in Go Digit General Insurance.

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Unicorn was made last year
This company became a unicorn in January last year. Its valuation at that time was $ 1.9 billion. After this, the value of the company increased to 3.5 billion dollars on seeing it. Attracting insurance customers through mobile technology is one of the main reasons behind this growth of Indian fintech startup company Digit.

Tags: business news in hindi, IPO, Virat Kohli

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