Digit Insurance IPO’s retail portion fully subscribed with key highlights.

TLDR:

Key Points:

• The retail portion of Digit Insurance’s IPO was fully subscribed by 1.45 pm.
• The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale of up to 54.7 million shares.

Key Highlights of the Offering:

The retail portion of Digit Insurance’s IPO was fully subscribed by 1.45 pm. The company had reserved 9.6 million shares for retail investors in the issue that opened on Wednesday. The Rs 2,615-crore IPO comprises a fresh issue of Rs 1,125 crore and an offer for sale component of up to 54.7 million shares.

Here are the key highlights of the issue:

1. The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale of up to 54.7 million shares.
2. Go Digit plans to utilize the net proceeds to support ongoing business operations and finance future growth activities.
3. Prior to the IPO, Go Digit raised Rs 1,176.5 crore from anchor investors.
4. Digit is a full-stack digital insurance company with 74 active products in the general insurance category.
5. Investors can bid for a minimum of 55 shares in the IPO.
6. Founder Kamesh Goyal has extensive experience in the insurance sector.
7. Go Digit reported significant growth in net profit and gross written premium.
8. Despite a previous valuation of $4 billion, Go Digit is going public at a valuation of $3 billion-$3.2 billion.
9. Go Digit faced some legal issues prior to the IPO.