Insurance regulator Irdai on Friday gave the final approval to Go Digit General Insurance for listing on stock markets.
Markets regulator Sebi has in September kept in ‘abeyance’ the proposed initial share sale of the Canada-based Fairfax Group-backed insurer.
Go Digit had filed preliminary IPO papers with the capital markets regulator on August 17. Cricketer Virat Kohli and his wife Anushka Sharma are among the investors in the firm.
Going by the draft papers, the company’s proposed initial public offering (IPO) comprised fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale of 10.94 crore equity shares by a promoter and existing shareholders. Proceeds from the fresh issuance were to be utilised for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.
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.
With inputs from agencies
