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Go Digit IPO is a book-built issue of Rs 2,614.65 crores. The issue is a combination of a fresh issue of 4.14 crore shares aggregating to Rs 1,125.00 crores and an offer for sale of 5.48 crore shares aggregating to Rs 1,489.65 crores.
Go Digit IPO opens for subscription on May 15, 2024, and closes on May 17, 2024. The IPO price band is set at ₹258 to ₹272 per share and the minimum lot size for an application is 55 Shares.
Company Summary
This company is one of the leading digital full-stack insurance companies, leveraging their technology to power what they believe to be an innovative approach to product design, distribution, and customer experience for non-life insurance products.
They offer 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.
As a digital full-stack insurance company, they deploy a combination of insurance and technology solutions to assist in enrolment, insurance claims processing, underwriting, policy administration, data insights, and fraud detection.
As of December 31, 2023, the company had about 61,972 partners, including 58,532 POSPs and other agents. Further, the company had 473 active bots to automate tasks for functions and partners.
Company Strengths
The Company catered for approximately 82.5% (equating to ₹ 66.80 billion in the nine months ended December 31, 2023) and 82.1% (equating to ₹ 72.43 billion in Financial Year 2023), respectively, of the GWPs (Gross written premium) written by these digital full-stack insurance players which, in addition to their Company, include Acko and Navi, making them the largest digital full-stack insurance player in India.
As of December 31, 2023, there were 43.26 million people who were their customers or people who have availed the insurance benefits under various policies they issued since the inception of the insurance operations in 2017.
Their GWP was ₹ 66.80 billion and ₹ 52.88 billion for the nine months ended December 31, 2023, and the nine months ended December 31, 2022, representing a growth of 26.3% and was ₹ 72.43 billion, ₹ 52.68 billion and ₹ 32.43 billion in Financial Year 2023, Financial Year 2022 and Financial Year 2021, representing a CAGR of 49.4% from Financial Year 2021 to Financial Year 2023
The company has currently launched a total of 74 active products across all its business lines. As of December 31, 2023, the company had distribution centers in 24 states and union territories in India.
Company Financials
| 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 | ||||
Objectives of the IPO
Our Company proposes to utilize the Net Proceeds, as per the applicable IRDAI regulations, towards the maintenance of our solvency ratio by investing in instruments and the manner prescribed under the IRDAI Actuarial & Allied Regulations, 2024.
- To undertake our existing business activities
- To undertake the activities proposed to be funded from the Net Proceeds.
Promoters of the company
The company Promoters are:
- Kamesh Goyal;
- Go Digit Infoworks Services Private Limited;
- Oben Ventures LLP; and
- FAL
IPO details
| IPO Date | May 15, 2024 to May 17, 2024 |
| Listing Date | Thursday, May 23, 2024 |
| 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 |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 55 | 14960 |
| Retail (Max) | 13 | 715 | 194480 |
| Small-HNI(Min) | 14 | 770 | 209440 |
| small-HNI(Max) | 66 | 3630 | 987360 |
| Large-HNI (Min) | 67 | 3685 | 1002320 |
Allotment Schedule
| Basis of Allotment | Tuesday, May 21, 2024 |
| Initiation of Refunds | Wednesday, May 22, 2024 |
| The 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 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not More than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
To check Allotment, click here