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Go Digit General Insurance Limited IPO
Go Digit is a Bengaluru-based full-stack digital insurance company offering motor, health, travel, property, marine, liability and other insurance products. The company provides customized insurance policies and has launched a total of 74 active products across all its business lines so far. GDGIL is one of the leading digital full stack non-life insurance companies, leveraging its technology to power what the company believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products. Since the inception of its insurance operations in 2017, it has significantly scaled business, improved underwriting performance and generated consistent investment returns. The company aims to make insurance simple.
Through innovation and transparency, it believes in delivering a seamless customer experience journey in a significant financial product an individual would purchase in their lifetime. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs. Go Digit IPO is a book-built issue of Rs 2,614.65 crores. The issue is a combination of fresh issue of 4.14 crore shares aggregating to Rs 1,125.00 crores and offer for sale of 5.48 crore shares aggregating to Rs 1,489.65 crores. Go Digit IPO price band is set at ₹258 to ₹272 per share. The minimum lot size for an application is 55 Shares. ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, Hdfc Bank Limited, Iifl Securities Ltd and Nuvama Wealth Management Limited are the book running lead managers of the Go Digit IPO, while Link Intime India Private Ltd is the registrar for the issue.
Go Digit IPO Overview
| Detail | Description |
|---|---|
| IPO Date | May 15, 2024 to May 17, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹258 to ₹272 per share |
| Lot Size | 55 Shares |
| Total Issue Size | 96,126,686 shares (aggregating up to ₹2,614.65 Cr) |
| Fresh Issue | 41,360,294 shares (aggregating up to ₹1,125.00 Cr) |
| Offer for Sale | 54,766,392 shares of ₹10 (aggregating up to ₹1,489.65 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 875,842,046 |
| Share holding post issue | 917,202,340 |
Go Digit IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Wednesday, May 15, 2024 |
| IPO Close Date | Friday, May 17, 2024 |
| Basis of Allotment | Tuesday, May 21, 2024 |
| Initiation of Refunds | Wednesday, May 22, 2024 |
| Credit of Shares to Demat | Wednesday, May 22, 2024 |
| Listing Date | Thursday, May 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 17, 2024 |
Go Digit IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 55 | ₹14,960 |
| Retail (Max) | 13 | 715 | ₹194,480 |
| S-HNI (Min) | 14 | 770 | ₹209,440 |
| S-HNI (Max) | 66 | 3,630 | ₹987,360 |
| B-HNI (Min) | 67 | 3,685 | ₹1,002,320 |
Go Digit IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 43,257,009 (45.00%) | NA | QIB Shares Offered | 28,838,007 (30.00%) | NA |
| NII (HNI) Shares Offered | 14,419,002 (15.00%) | |
| bNII > ₹10L | 9,612,668 (10.00%) | 12,483 |
| sNII < ₹10L | 4,806,334 (5.00%) | 6,241 |
| Retail Shares Offered | 9,612,668 (10.00%) | 174,775 |
| Total Shares Offered | 96,126,686 (100%) |
Go Digit IPO Promoter Holding
| Share Holding Pre Issue | 83.31% |
| Share Holding Post Issue |
Go Digit IPO Anchor Investors Details
| Bid Date | May 14, 2024 |
| Shares Offered | 43,257,009 |
| Anchor Portion Size (In Cr.) | 1,176.59 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 20, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | August 19, 2024 |
Company & Financials
Incorporated in December 2016, Go Digit General Insurance Limited is an insurance provider offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customize to meet their needs. The company is one of the leading digital full stack non-life insurance companies. It is just seven years old and has turned the corner from FY23. The company has posted growth in its business and scaled up its GWP. The company has currently launched a total of 74 active products across all its business lines. As of December 31, 2023, the company had about 61,972 partners, including 58,532 POSPs and other agents. As of December 31, 2023, the company had distribution centers in 24 states and union territories in India. As of Dec 31, 2023, the company had 473 active bots to automate tasks for functions and partners. As of December 31, 2023, the company currently operates 75 offices throughout India.
Go Digit General Insurance Limited Financial Information
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 3,619.95 | 3,346.75 | 2,919.01 | 1,874.80 | ||||||||||||||||||||||||||||||||||||
| Revenue | 130.83 | 39.19 | -293.64 | -118.55 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 129.02 | 35.54 | -295.85 | -122.76 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 2,459.34 | 2,325.47 | 1,866.87 | 1,134.57 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 2,391.97 | 2,383.61 | 1,975.07 | 973.14 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 200.00 | |||||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| RoNW | 5.25% |
| P/BV | 9.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.41 | 1.88 |
| P/E (x) | 670.31 | 145.03 |
Objectives of Go Digit IPO
The Company proposes to utilize the Net Proceeds towards the following objectives:
- 1. To undertake its existing business activities.
- 2. To undertake the activities proposed to be funded from the Net Proceeds. Further, the Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, which, the company believes, will enhance the visibility and its brand image among its existing and potential customers.
Go Digit IPO Review
The insurance sector has witnessed sea change post Covid and rising awareness for the necessity of insurance is auguring well for novel companies with technical bases and new product portfolios that suit the requirements of prospects. The company has turned the corner from FY23 and is poised for bright prospects as indicated by its recent performance. Based on FY24 annualized earnings, the issue appears aggressively priced. The accounting jugglery of the insurance sector is difficult to understand by a layman and hence one has to keep an eye on its business growth and future prospects. Well-informed investors may park moderate funds for the long term rewards, others may avoid.
FAQs for Go Digit IPO
-
What is the size of the Go Digit IPO?
The offer size of Go Digit General Insurance’s IPO is INR 2,614.65 crores, consisting of a fresh issue of shares worth INR 1250 crores and the sale of 10.94 crores of existing equity shares. The company will use the funds to maintain the solvency ratio and to meet other expenses.
-
What is the price band of the Go Digit IPO?
The price band of the Go Digit IPO is INR 258-272 per share.
-
What are the open and close dates for the Go Digit General Insurance Ltd IPO?
Go Digit General Insurance Ltd IPO Opens for subscription from 15-May-2024 to 17-May-2024.
-
What is the lot size and minimum order quantity of the Go Digit General Insurance Ltd IPO?
The lot size of Go Digit General Insurance Ltd is 55 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14960 and ₹194480 respectively.
-
What are the allotment dates for the Go Digit General Insurance Ltd IPO?
Allotment date for Go Digit General Insurance Ltd is 21-May-2024 and refund of application amount (in case allotment is not received) will begin from 22-May-2024. If your allotment goes through, then shares will be credited in your Demat account by 22-May-2024.
RHP:
RHP of Go Digit General Insurance Limited IPO
DRHP:
DRHP of Go Digit General Insurance Limited IPO
Anchor Investor Link:
Anchor Investor Link of Go Digit General Insurance Limited IPO
-
What is the size of the Go Digit IPO?
The offer size of Go Digit General Insurance’s IPO is INR 2,614.65 crores, consisting of a fresh issue of shares worth INR 1250 crores and the sale of 10.94 crores of existing equity shares. The company will use the funds to maintain the solvency ratio and to meet other expenses.
-
What is the price band of the Go Digit IPO?
The price band of the Go Digit IPO is INR 258-272 per share.
-
What are the open and close dates for the Go Digit General Insurance Ltd IPO?
Go Digit General Insurance Ltd IPO Opens for subscription from 15-May-2024 to 17-May-2024.
-
What is the lot size and minimum order quantity of the Go Digit General Insurance Ltd IPO?
The lot size of Go Digit General Insurance Ltd is 55 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14960 and ₹194480 respectively.
-
What are the allotment dates for the Go Digit General Insurance Ltd IPO?
Allotment date for Go Digit General Insurance Ltd is 21-May-2024 and refund of application amount (in case allotment is not received) will begin from 22-May-2024. If your allotment goes through, then shares will be credited in your Demat account by 22-May-2024.
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