Go Digit General Insurance shares made a tepid debut on the stock exchanges today. On the National Stock Exchange (NSE), the stock opened at ₹286 per share, reflecting a 5.15% increase from its issue price of ₹272. On the Bombay Stock Exchange (BSE), the shares opened at ₹281.10 apiece, marking a 3.35% rise from the issue price.
During its initial public offering (IPO) subscription period, Go Digit garnered a subscription status of 9.60 times. The segment allocated for qualified institutional buyers (QIBs) saw 12.56 times subscriptions, non-institutional investors received 7.24 times, and retail individual investors (RIIs) secured 4.27 times subscriptions. The IPO, which opened on May 15 and closed on May 17, was 79% subscribed by the second day and 36% by the first day.
Go Digit is recognized as a leading digital full-stack non-life insurance provider, noted for its innovative approach to insurance product design, distribution, and customer experience, all powered by technology. Prominent promoters of the firm include Kamesh Goyal, GoDigit Infoworks Services Private Limited, Oben Ventures LLP, and FAL Corporation.
In 2020, cricket star Virat Kohli and actress Anushka Sharma made notable investments in the company. Kohli invested ₹2 crore for 2.67 lakh shares, while Sharma invested ₹50 lakh.
Between March 31, 2022, and March 31, 2023, Go Digit General Insurance experienced a revenue growth of 113.35% and a profit after tax (PAT) growth of 112.01%. The IPO featured an offer-for-sale (OFS) of 54,766,392 equity shares by promoters and other selling shareholders, along with a fresh issue of ₹1,125 crore.
The primary selling shareholder, Go Digit Infoworks Services Private Ltd, aimed to sell up to 54,755,614 equity shares. Other selling shareholders included Nikunj Hirendra Shah, Sohag Hirendra Shah, Nikita Mihir Vakharia, Mihir Atul Vakharia, Shanti Subramaniam, and Subramaniam Vasudevan.
The company plans to utilize its net profits to support ongoing commercial operations and fund proposed projects. Additionally, it expects the equity share listing to enhance brand awareness and reputation among current and potential customers. The grey market premium (GMP) for Go Digit shares today stood at +8, indicating a trading premium of ₹8 over the issue price. This suggests that Go Digit’s shares were expected to list at approximately ₹280 per share, 2.94% above the IPO price of ₹272.
