look news india
Go Digit IPO : Canada-based Fairfax Group-backed company Go Digit General Insurance will launch its IPO on May 15. According to the company's IPO document, investors will be able to place bets from May 15 to May 17. Therefore, anchor investors will be able to bid from May 14. The issue price for the IPO is yet to be announced, but the stock has taken the gray market by storm. The gray market premium of the IPO is Rs 50. It is noteworthy that the company had received approval from SEBI to launch an IPO in March.
IPO details
Go Digital's proposed IPO has fresh shares worth Rs 1125 crore. This also includes an offer for sale (OFS) of 5.47 crore equity shares by existing Go Digit Infoworks services and existing shareholders. Go Digit Infoworks Services currently holds 83.3 percent stake in the company. Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, Nuvama are the book running lead managers to the issue. So the link is Intime India Registrar.
Virat Kohli's partnership
Investors of the company also include cricketer Virat Kohli and his wife Anushka Sharma. They are not selling any shares in the IPO. FLA Corporation is owned by Fairfax Financial Holdings, which holds a 45.3 percent stake in Go Digit. Apart from this, Kamesh Goyal and Oben Ventures LLP hold 14.96% and 39.79% stake in the company.
How was the financial result?
Go Digit Insurance's net loss widened to Rs 295 crore in FY2022, compared to Rs 122 crore in FY2021. The company's total revenue for FY22 stood at Rs 3841 crore. Premium income grew 62 percent in FY22 compared to FY21.