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Business News/ Markets / Ipo/  Go Digit share price makes a lukewarm debut, stock opens with a mere 5% premium at 286 apiece on NSE
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Go Digit share price makes a lukewarm debut, stock opens with a mere 5% premium at ₹286 apiece on NSE

Go Digit share price saw lukewarm debut on bourses with share price opening at ₹286 on NSE and ₹281.10 on BSE. Subscription status on final day was 9.60 times, with QIBs at 12.56 times, non-institutional investors at 7.24 times, and RIIs at 4.27 times.

Go Digit share price lists on the bourses today. Premium
Go Digit share price lists on the bourses today.

Go Digit share price made a lukewarm debut on the bourses today. On NSE, Go Digit share price opened at 286 per share, 5.15% higher than the issue price of 272. On BSE, Go Digit share price today opened at 281.10 apiece, up 3.35% than the issue price.

On the final day of subscriptions, Go Digit IPO subscription status was 9.60 times, according to BSE data. The segment allocated for qualified institutional buyers (QIBs) received 12.56 times subscriptions, the non-institutional investor group received 7.24 times as many subscribers. The section for retail individual investors (RIIs) received 4.27 times subscriptions.

Also Read: Go Digit IPO listing date today. Here's what GMP, experts say on share debut

On Wednesday, May 15, the Go Digit General Insurance IPO started for subscriptions and finished on Friday, May 17. According to BSE data, 79% of the Go Digit IPO was subscribed on Thursday's second day of bidding, and the issue was booked 36% on the first day of bidding.

10% of the issue size is allocated to retail investors, 15% to non-institutional investors, and about 75% of the issue size is reserved for qualified institutional investors.

Red Herring Prospectus (RHP) mentions the firm as one of the leading digital full stack non-life insurance providers. What they consider to be a creative approach to the design, distribution, and customer experience of non-life insurance products is powered by technology.

Promoters of the firm include Kamesh Goyal, GoDigit Infoworks Services Private Limited, Oben Ventures LLP, and FAL Corporation.

In 2020, cricket star Virat Kohli invested 2 crore for the company's 2.67 lakh shares, while his wife, actress Anushka Sharma, invested 50 lakh in a private placement.

Go Digit General Insurance Limited saw a growth in revenue of 113.35% and a profit after tax (PAT) of 112.01% and 112.01%, respectively, between March 31, 2022 and March 31, 2023.

Also Read: Go Digit IPO allotment expected tomorrow: Check latest GMP, listing date, other key details

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 promoter selling shareholder, Go Digit Infoworks Services Private Ltd, intends to sell up to 54,755,614 equity shares. Additional selling shareholders Nikunj Hirendra Shah and Sohag Hirendra Shah intend to sell up to 3,778 equity shares, while Nikita Mihir Vakharia and Mihir Atul Vakharia jointly seek to sell up to 4,000 equity shares. In addition, Shanti Subramaniam and Subramaniam Vasudevan want to sell up to 3,000 equity shares.

The company will use its net profit 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.

ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Ltd, Hdfc Bank Limited, and Iifl Securities Ltd are the book running lead managers for the Go Digit IPO. The issue registrar is Link Intime India Private Ltd.

Also Read: Go Digit IPO fully booked on the last day of bidding: Check subscription updates, GMP, other details

Go Digit General Insurance IPO GMP today

Go Digit IPO GMP today is +8. This indicates Go Digit share price were trading at a premium of 8 in the grey market, according to investorgain.com.

When the upper end of the IPO pricing range and the present premium on the grey market are taken into consideration, it is predicted that Go Digit's shares will list at a price of 280 per share, 2.94% more than the IPO price of 272.

A "grey market premium" denotes the willingness of investors to part with more money than the issue price.

Also Read: Go Digit IPO: Issue booked 79% on day 2, retail investors steal the show; check latest GMP

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 23 May 2024, 10:00 AM IST
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