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Go Digit is the general insurer (GI) backed by Canada’s Fairfax, which has filed its draft red herring prospectus (DRHP) to raise around Rs 5,000 crore through an initial public offering (IPO). This company is the first general insurer company listed in five years.
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In 2017, ICICI Lombard General Insurance and New India Assurance. To issue fresh equity of Rs 1,250 crore, formally known as Go Digit General Insurance, promoters and selling shareholders will make an offer for the sale of Rs 1,250 crore.
The promoter holding company Go Digit Infoworks Services Pvt Ltd holds around 86.35 per cent of the company and will offload 109 million shares. Investors named Nikita Mihir Vakharia, and Mihir Atul Vakharia will sell up to 4,000 equity shares. Nikunj Hirendra Shah and Sohag Hirendra Shah will sell 3,778 equity shares, and Subramaniam Vasudevan will sell 3,000 equity shares jointly with Shanti Subramaniam.
Also, the company’s fresh issuance will be used to augment its capital base to maintain solvency and use for corporate purposes. However, the company’s losses were posted to the tune of Rs 295.86 crore in FY22, followed by Rs 122.27 crore in FY21 and Rs 175.24 crore in FY20.
