The Go Digit share price debuted on the market with little fanfare, debuting at ₹286 on the NSE and ₹281.10 on the BSE. On the last day of subscription, the ratio of QIBs to RIIs was 4.27 times, non-institutional investors to 7.24 times, and subscription status to 9.60 times.
The price of Go Digit shares debuted on the market with little fanfare today. Go Digit’s share price opened on the NSE at ₹286 per share, which is 5.15% more than the ₹272 issue price. Go Digit shares began at ₹281.10 on the BSE today, 3.35% higher than the issue price.
According to BSE data, the Go Digit IPO subscription status on the last day of sales was 9.60 times. 12.56 times as many subscriptions were received by the qualified institutional buyers (QIBs) segment as by the non-institutional investor group (7.24 times). Subscriptions to the retail individual investor (RII) sector were 4.27 times higher.
The Go Digit General Insurance initial public offering (IPO) opened for subscribers on Wednesday, May 15, and ended on Friday, May 17. On Thursday, the second day of bidding for the Go Digit IPO saw 79% of the issue subscribed, while 36% of the issue was booked on the first day of bidding, according to BSE statistics.
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Retail investors receive 10% of the issue size, non-institutional investors receive 15%, and eligible institutional investors are given around 75% of the issue amount.
The company is listed as one of the top providers of digital full stack non-life insurance in Red Herring Prospectus (RHP). Technology underpins what they view as an innovative approach to the development, marketing, and client interaction of non-life insurance products.
Kamesh Goyal, GoDigit Infoworks Services Private Limited, Oben Ventures LLP, and FAL Corporation are among the company’s promoters.
The company’s 2.67 lakh shares were purchased in 2020 for ₹2 crore by cricket player Virat Kohli, whose wife, actress Anushka Sharma, invested ₹50 lakh in a private placement.
Between March 31, 2022, and March 31, 2023, Go Digit General Insurance Limited experienced a growth in revenue of 113.35% and a profit after tax (PAT) of 112.01% and 112.01%, respectively.
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.
Go Digit General Insurance IPO GMP today
The current Go Digit IPO GMP is +8. According to investorgain.com, this shows that the price of Go Digit shares were trading at a premium of ₹8 in the grey market.
It’s expected that Go Digit’s shares would list at ₹280 a share, 2.94% more than the IPO price of ₹272, when the upper end of the IPO pricing range and the current premium on the grey market are taken into account.
The readiness of investors to part with more money than the issue price is indicated by a “grey market premium”.
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