Insurance regulator IRDAI on November 25 gave final approval to Fairfax-backed Go Digit General Insurance Ltd for listing on stock exchanges, BSE, NSE, according to CNBC-TV18.
Go Digit General Insurance Ltd had in August filed preliminary papers with markets regulator Sebi to garner funds through an initial public offering (IPO). Cricketer Virat Kohli and his wife actor Anushka Sharma are among the investors in the firm.
Markets regulator Sebi has in September kept in ‘abeyance’ the proposed initial share sale of the Canada-based Fairfax Group-backed insurer.
The IPO comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer-for-sale (OFS) of 10,94,45,561 equity shares by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP).
Under the OFS, Go Digit Infoworks Services Pvt Ltd will sell 10,94,34,783 equity shares.
Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers.
It is one of the first non-life insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners.
As per the draft papers, cricketer Virat Kohli and his wife Anushka Sharma are among the investors of Go Digit General Insurance.
The Bengaluru-based company has a track record of delivering growth with Gross Written Premium (GWP) at Rs 5,268 crore, Rs 3,243 crore and Rs 2,252 crore in financial years 2022, 2021, and 2020, with a compound annual growth rate (CAGR) of 53 per cent from fiscal 2020 to fiscal 2022.