Irdai gives approval to Go Digit General Insurance for IPO
Go Digit General Insurance received final approval from the insurance regulator Irdai on Friday to list on stock markets, according to CNBC TV-18.
The proposed initial share sale of the Canadian insurer backed by Fairfax Group has been ‘abeyanced’ by markets regulator Sebi since September.
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On August 17, Go Digit General Insurance submitted preliminary IPO documents to the authority for financial markets. Virat Kohli of the cricket team and his wife Anushka Sharma are among the company’s investors.
According to the draught papers, the company’s proposed initial public offering (IPO) would have included a promoter and existing shareholders’ offer to sell 10.94 crore equity shares together with a new issuance of equity shares valued at Rs 1,250 crore. The fresh issuance’s proceeds were to be put to use for general corporate purposes, boosting the company’s capital base, and maintaining solvency levels.
Go Digit General Insurance
Go Digit General Insurance provides a range of insurance products, including liability insurance, health insurance, travel insurance, property insurance, and marine insurance, to meet the needs of the customers.
One of India’s first non-life insurers, it has developed application programming interfaces (API) with a number of channel partners.
The cricketer Virat Kohli and his wife Anushka Sharma are listed as investors in Go Digit General Insurance in draught documents.
With Gross Written Premium (GWP) at Rs 5,268 crore, Rs 3,243 crore, and Rs 2,252 crore in the fiscal years 2022, 2021, and 2020, and a compound annual growth rate (CAGR) of 53% from fiscal 2020 to fiscal 2022, the Bengaluru-based company has a history of generating growth.
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