10 May 2024: IPO GMP News
🚀 Exciting news for investors as Go Digit General Insurance, supported by Fairfax Group based in Canada, is all set to launch its IPO on 15th May. Investors will have the opportunity to invest between 15th to 17th May, with anchor investors being able to invest on 14th May. The IPO issue price has not been announced yet but has received traction in the grey market with a premium of ₹50.
📈 The company received approval from the Securities and Exchange Board of India (SEBI) to launch the IPO back in March. The proposed IPO will release new shares worth ₹1,125 crores, including an offer of 5.47 crore equity shares from existing shareholders. Currently, Go Digit Infoworks Services holds a 83.3% stake in the company.
🤝 Lead managers for the IPO include Morgan Stanley, ICICI Securities, Axis Capital, HDFC Bank, IIFL Securities, and Nuwama Issue Companies, with Link Intime India as the registrar. Notable investors in the company include cricketer Virat Kohli and his wife, actress Anushka Sharma, who will not be selling their shares in the IPO.
💼 FAL Corporation owns Fairfax Financial Holdings, which holds a 45.3% stake in Go Digit. Kamesh Goyal and Oben Ventures LLP hold stakes of 14.96% and 39.79% respectively in the company.
💰 Go Digit General Insurance’s net loss has increased from ₹122 crores in the financial year 2021 to ₹295 crores in FY22. The company reported a total income of ₹3,841 crores in FY22, showing a 62% increase in premium income compared to the previous financial year.
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