Virat Kohli-backed Go Digit General Insurance IPO announces price band at ₹258-272 apiece; check GMP, issue size, more
- Virat Kohli-backed Go Digit General Insurance IPO price band set at ₹258-272 per share. Subscription from May 15 to May 17. Anchor investor allocation on May 14. Lot size of 55 shares. Listing expected on May 23.
Go Digit IPO price band: Virat Kohli-backedGo 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. The Go Digit General Insurance IPO date of subscription is scheduled for Wednesday, May 15, and will close on Friday, May 17. The allocation to anchor investors for the Go Digit General Insurance IPO is scheduled to take place on Tuesday, May 14.
The floor price is 25.80 times the face value of the equity shares and the cap price is 27.20 times the face value of the equity shares. The price/earnings ratio based on diluted EPS for 2023 for the issuer at the upper end of the price band is as high as 680 as compared to the average industry peer group PE Ratio of 46.13x.
The Go Digit General Insurance IPO lot size is 55 equity shares and in multiples of 55 equity shares thereafter.
Go Digit General Insurance IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.
The Go Digit General Insurance initial public offering (IPO) basis for share allocation is expected to be finalised on Tuesday, May 21. The company will start refunding on Wednesday, May 22, and the shares will be credited to the allottees' demat accounts the same day after the refund. Go Digit General Insurance share price is likely to be listed on BSE and NSE on Thursday, May 23.
The company's promoters include FAL Corporation, Oben Ventures LLP, GoDigit Infoworks Services Private Limited, and Kamesh Goyal.
Go Digit General Insurance Limited is an insurance company that provides clients with customisable health, liability, property, marine, travel, and auto insurance policies in addition to other insurance products. Currently, the company's business lines comprise 74 active goods that it has released.
In 2020, cricketer Virat Kohli bought 2.67 lakh shares of the company for ₹2 crore while actress wife Anushka Sharma invested 50 lakh through a private placement.
The company's listed peers are New India Assurance Company Ltd (with a P/E of 38.47x), Star Health and Allied Insurance Company Ltd ( with a P/E of 53.79x), and ICICI Lombard General Insurance Company Ltd (with a P/E of 48.14x)
The Go Digit IPO's book running lead managers are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, Edelweiss Financial Services Ltd, Hdfc Bank Limited, and Iifl Securities Ltd. The issue's registrar is Link Intime India Private Ltd.
Go Digit General Insurance IPO details
The Go Digit General Insurance IPO comprises a fresh issue of ₹1,125 crore, and an offer-for-sale (OFS) of 54,766,392 equity shares by the promoters and other selling shareholders.
The Promoter Selling Shareholder, Go Digit Infoworks Services Private Ltd, will offload up to 54,755,614 equity shares; other selling shareholders, Nikita Mihir Vakharia, jointly with Mihir Atul Vakharia, will sell shares up to 4,000 equity shares, and Nikunj Hirendra Shah, jointly with Sohag Hirendra Shah, plans to offload up to 3,778 equity shares. Further, Subramaniam Vasudevan, jointly with Shanti Subramaniam, plans to sell up to 3,000 equity shares.
The company intends to use the Net Proceeds for the following purposes: to carry out its current business operations; and to carry out the projects that are suggested to be supported by the Net Proceeds. In addition, the business anticipates benefits from listing the equity shares on stock exchanges, which it believes would improve brand awareness and image among current and prospective consumers.
The Go Digit IPO's book running lead managers are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, Edelweiss Financial Services Ltd, Hdfc Bank Limited, and Iifl Securities Ltd. The issue's registrar is Link Intime India Private Ltd.
Go Digit IPO GMP today
Go Digit IPO GMP or grey market premium is +50. This indicates Go Digit share price were trading at a premium of ₹50 in the grey market, according to investorgain.com.
Shares of Go Digit are expected to list at a price of ₹322 per share, 18.38% more than the IPO price of ₹272, after accounting for the top end of the IPO pricing range and the current premium on the grey market.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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