26-Apr-2024
2 mins read
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Go Digit, a digital insurance company got a green signal from market regulator SEBI. This IPO was initially planned for 2022, but it was delayed due to compliance issues. When it filed DRHP in 2022, Go Digit was valued at Rs $3.5 billion.
After addressing the issues mentioned by SEBI, the company refiled its issue in March 2023, which has now been approved.
Go Digit Insurance IPO is a combination of fresh issue and offer-for-sale. The fresh issue is of Rs 1,250 crore and the remaining Rs 2,250 is offer-for-sale. The OFS is 109,445,561 equity shares.
The offer opening and closing dates of this Go Digit Insurance IPO is not yet announced. The details of the price-band and lot size are also not available. The net proceeds from this issue will be used to increase its capital base.
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About Go Digit Insurance Company
Go Digit is a digital insurance startup based in Bangalore. Mr Kamlesh Goyal founded the company in 2016 and received regulatory approval from the Insurance regulator IRDA in September 2017.
Go Digit's product portfolio includes Motor Insurance, Health Insurance, and other insurance. Motor insurance covers cars, Bikes, Rickshaws, Taxis, and Trucks. Other insurance includes International travel, property, and home.
Financials of Go Digit Insurance
In 2020, Go Digit reported a revenue of Rs 1,684 crore but a net loss of Rs -175 crore. In 2021, the revenue increased to Rs 2,874 crore and net loss decreased to Rs -123 crore. However, in 2022, the continued to rise and reported Rs 4,535 crore but net loss suddenly widened up to Rs -296 crore.
The details of lead managers and registrar of this initial public offer is not available. Once it gets announced, you can check it online. Stay connected with us for further updates.
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