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Business News/ Markets / Ipo/  Go Digit IPO: Virat-Anushka backed insurer garners 1,176 crore from anchor investors ahead of IPO

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

Pune-based Go Digit General Insurance, on Tuesday, said that it has allocated 4,32,57,009 equity shares to anchor investors at a price of ₹272 per share.

Go Digit General Insurance IPO opens for subscription tomorrow (Wednesday, May 15).Premium
Go Digit General Insurance IPO opens for subscription tomorrow (Wednesday, May 15).

Virat Kohli and Anushka Sharma-backed Go Digit General Insurance has raised 1,176.59 crore from anchor investors a day before its initial public offerings (IPO) opens for subscription.

According to the exchange filing, the company allocated 4,32,57,009 equity shares to anchor investors at a price of 272 per share.

“The Board of Directors of the Company at its meeting held on Tuesday, May 14, 2024, in consultation with the ICICI Securities Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) as Book Running Lead Managers to the Offer, has finalised allocation of Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 272/- per Equity Share (including share premium of Rs. 262/- per Equity Share)," the company said in the filing.

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

The American multinational Fidelity Investments-backed fund received the largest allocation at 7.95%. Other notable investors in the pre-IPO round fundraising include Goldman Sachs Funds (5.31%), Abu Dhabi Investment Authority (5.31%), Custody Bank of Japan (4.25%), and Bay Pons Partners (4.11%).

Foreign and Domestic Institutions who participated in the anchor were Fidelity Investment Trust, Bay Pond Partners L.P., Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Schroder International, East Spring Investments India, Custody Bank of Japan, SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, Mirae Asset Mutual Fund, Ashoka WhiteOak Mutual Fund, Malabar Mutual Fund, Steadview Capital Mauritius Ltd, Optimix Wholesale Global Emerging Markets Share Trust, ACM Global Fund, HDFC Life Insurance, ITPL Invesco India Mutual Fund, Tata Mutual Fund, Volrado Venture Partners Fund, NHIT Global Emerging Markets Equity Trust, Florida Retirement System, Singularity Equity Fund, Motilal Oswal Mutual Fund, Edelweiss Trusteeship Co Ltd AC, Max Life Insurance, Tata AIA Life Insurance Company, Bajaj Allianz Life Insurance Company, Bandhan Mutual Fund, PGIM India Trustees Private Ltd, Morgan Stanley Asia (Singapore) PTE ODI, and Ghisallo Master Fund LP.

According to an exchange filing on Tuesday, eleven domestic mutual funds have collectively applied through 23 schemes. They have secured 33.5% of the anchor portion amounting to 204 crore.

The company further said, “Out of the total allocation of 4,32,57,009 Equity Shares to the Anchor Investors, 1,44,96,570 Equity Shares (Le. 33.51% of the total allocation to Anchor Investors) were allocated to 11 domestic mutual funds through a total of 23 schemes."

Also read: Go Digit IPO to open next week; here's what GMP signals ahead of subscription

Go Digit IPO details.

The offer consists of a fresh issue totalling 1,125 crore and an offer for selling up to 54.77 million equity shares by Promoters and Other Selling Shareholders.

The Company intends to commence its initial public offering of Equity Shares (referred to as the “Offer") on Wednesday, May 15, 2024, and concludes on Friday, May 17, 2024. The price band for the Offer is set at 258 – 272 per equity share.

At the upper end of the price band, the IPO is expected to generate 2,614.65 crore.

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

Investors can bid for a minimum of 55 equity shares and multiples of 55 equity shares afterwards.

The Offer is being conducted through the Book-Building Process, with at least 75% allocated to Qualified Institutional Buyers, up to 15% available for proportionate allocation to Non-Institutional Bidders, and a maximum of 10% available for allocation to Retail Individual Bidders.

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Published: 14 May 2024, 11:11 PM IST
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