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Business News/ Markets / Ipo/  Go Digit IPO to open next week; here's what GMP signals ahead of subscription
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Go Digit IPO to open next week; here's what GMP signals ahead of subscription

According to investorgain.com, the lowest Grey Market Premium (GMP) for the Go Digit IPO stands at ₹50, with the highest GMP reaching ₹70. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

Go Digit General Insurance Limited IPO price band has been fixed in the range of ₹258 to ₹272 per equity share of the face value of ₹10. (https://www.godigit.com/)Premium
Go Digit General Insurance Limited IPO price band has been fixed in the range of 258 to 272 per equity share of the face value of 10. (https://www.godigit.com/)

Virat Kohli and Anushka Sharma backed Go Digit General Insurance is all set to launch its initial public offerings (IPO) next week. The IPO will open for subscription on May 15, 2024 and closes on May 17, 2024.

Ahead of opening for subscription, the Go Digit IPO is commanding a premium of 65 in the grey market, according to market observers. This indicates that the anticipated listing price for Go Digit IPO shares could be 65, representing a 23.9 percent increase over the IPO price of 337.

Also read: Go Digit IPO: At 7 crore, Virat Kohli, Anushka Sharma to make multibagger return of 263% on issue launch

According to investorgain.com, the lowest Grey Market Premium (GMP) for the Go Digit IPO stands at 50, with the highest GMP reaching 70. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

Among the investors in the company are cricketer Virat Kohli and his actor wife, Anushka Sharma. However, as per the IPO documents, they are not divesting any shares.

Go Digit IPO details

The IPO aims to raise over 2,615 crore, with a price band of 258 to 272 per share. 

The IPO comprises a fresh issue of shares worth 1,125 crore along with an offer for sale (OFS) of 54,766,392 shares. Investors can bid for up to a maximum of 55 equity shares, with increments of 55 shares thereafter. 

Also read: Virat Kohli-backed Go Digit General Insurance IPO announces price band at 258-272 apiece; check GMP, issue size, more

The IPO allocation designates 75 percent for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

The proceeds from the proposed IPO will be allocated towards general corporate purposes, bolstering solvency levels, and enhancing the company's capital base.

ICICI Securities, Axis Capital, Morgan Stanley India Company, HDFC Bank, IIFL Securities, and Nuvama Wealth Management serve as the book-running lead managers for the issue.

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Published: 12 May 2024, 02:01 PM IST
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