Go Digit IPO: Issue subscribed 36% on day 1, retail portion fully booked; check GMP

    Go Digit IPO: Issue subscribed 36% on day 1, retail portion fully booked; check GMP

    The quota for Retail Individual Investors (RIIs) received 1.44 times subscription while Non Institutional Investors(NIIS) category got subscribed 34%. The portion for Qualified Institutional Buyers (QIBs) is yet to be booked.

    Go Digit General Insurance Ltd, backedby Canada’s Fairfax Group, raised a little more than 1,176 crore from anchor investors. According to a circular posted late Tuesday, the business has allocated4.32 crore equity shares to 56 funds at 272 each, at the upper end of the the price band.

    The firm’s investors include cricketer Virat Kohli, his wife, and actress Anushka Sharma. They are not selling any shares in the IPO.

    Also Read: Go Digit IPO opens today: GMP, subscription status, review, other details. Apply or not?

    Approximately 75% of the issue size has been allocated for qualified institutional investors, 15% for non-institutional investors, and the remaining 10% for retail investors. Investors may bid for a minimum of 55 equity shares and multiples of 55 equity shares thereafter.

    Go Digit provides car insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products to satisfy the demands of its clients.

    It is one of India’s first non-life insurers to operate entirely on the cloud, and it has created application programming interface (API) linkages with a number of channel partners.

    Also Read: Go Digit IPO to open tomorrow: GMP, issue details, 10 key things to know before subscribing to the 2,615-crore issue

    Go Digit IPO details.

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    Go Digit IPO details.

    The issue’s price band is fixed at 258 to 272 per equity share having a face value of 10. The lot size for the IPO is 55 equity shares, with subsequent multiples of 55 equity shares.

    Go Digit General Insurance IPO, which has opened today (Wednesday, May 15) for subscription and will close on Friday, May 17.

    Go Digit IPO subscription status live

    Go Digit General Insurance IPO has received bids for 1,88,97,835 shares against 5,28,69,677 shares on offer, according to data from the BSE.

    The retail investors’ segment received bids for 1,38,65,720 shares against 96,12,668 shares on offer for this segment.

    The NIIs portion got bids for 49,73,155 shares against 1,44,19,002 on offer for this segment.

    The QIBs segment got bids for 58,960 shares against 2,88,38,007 on offer for this segment.

    Also Read: Go Digit IPO: Virat-Anushka backed insurer garners 1,176 crore from anchor investors ahead of IPO

    Go Digit IPO details

    The Go Digit General Insurance IPO consists of an offer-for-sale (OFS) of 54,766,392 equity shares by the promoters and other selling shareholders, together with a fresh issue of 1,125 crore.

    The company will use the net proceeds to support both the company’s regular commercial operations and the projects that are suggested to be funded by the net profits. The firm anticipates benefits from the equity share listing on stock exchanges as well, believing that this would improve its brand awareness and reputation among current and future consumers.

    The book running lead managers of the Go Digit IPO are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, HDFC Bank Limited, Iifl Securities Ltd, and Nuvama Wealth Management Limited, with Link Intime India Private Ltd serving as the issue’s registrar.

    Also Read: Go Digit General Insurance Limited IPO: 10 key risks investors should know before subscribing to the issue

    Go Digit General Insurance IPO GMP today

    Go Digit IPO GMP today is +35. This indicates Go Digit share price were trading at a premium of 35 in the grey market, according to

    Once the top end of the IPO pricing range and the existing premium on the grey market are taken into consideration, shares of Go Digit are anticipated to list at a price of 307 per share, which is 12.87% more than the IPO price of 272.

    ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

    Also Read: Virat Kohli, Anushka-backed Go Digit IPO opens. How much celebrity couple earn?

    Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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    Published: 15 May 2024, 01:38 PM IST

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