Go Digit IPO Price: ₹258 to ₹272
IPO Date Range: 15 May, 2024 - 17 May, 2024
Established in December 2016 as Oben General Insurance Ltd and later rebranded as Go Digit General Insurance Limited in 2017, the company is a pioneering digital full-stack insurance provider in India. Go Digit aims to revolutionize the accessibility and understanding of non-life insurance products through innovation and transparency.
Go Digit General Insurance offers comprehensive services, including motor, health, travel, property, marine, and liability insurance. These offerings are highly customizable, allowing customers to tailor their insurance plans to meet their specific needs and preferences. Through its Digit Insurance mobile application, which boasts high ratings on Google and Facebook, the company provides a user-friendly platform for customers to manage their policies conveniently.
With 74 active services across all business lines, Go Digit strives to deliver seamless customer experiences and optimize insurance solutions through technology integration.
As of December 31, 2023, Go Digit General Insurance Limited established a robust presence across India, with 75 offices in 24 states and union territories. The company boasted a vast network of partners, including over 61,000 POSPs and agents, facilitating its widespread distribution and market reach. Moreover, with 473 active bots deployed for task automation and 1,883 API integrations with partners, Go Digit has positioned itself as a leader in leveraging technology to streamline processes and enhance efficiency.
Notably, the company achieved significant growth, capturing a market share of 6.0% and 5.4% in the motor insurance segment during the nine months ended December 31, 2023, and FY2023 respectively, outpacing industry averages.
Go Digit General Insurance derives its competitive edge from several key strengths. The company prioritizes simplicity and tailored customer experiences, ensuring accessibility and ease of understanding for insurance products. By empowering distribution partners and employing predictive underwriting models, Go Digit enhances customer engagement and satisfaction while driving business growth.
Furthermore, the company's nimble organizational structure and a skilled and experienced management team enable agile decision-making and efficient operations. With a relentless focus on innovation and customer-centricity, Go Digit General Insurance continues redefining the landscape of non-life insurance in India, solidifying its position as a frontrunner.
| 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 (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 |
Bidders have the opportunity to bid for a minimum of 55 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| 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 |
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During the financial year ending on March 31, 2023, Go Digit General Insurance Limited experienced remarkable financial growth. The company's revenue surged by 113.35%, accompanied by a substantial 112.01% increase in profit after tax (PAT) compared to the previous fiscal year ending on March 31, 2022.
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 | 31 Dec 2023 |
|---|---|---|---|---|
| Assets | 1874.80 | 2919.01 | 3346.75 | 3619.95 |
| Revenue | - 118.55 | -293.64 | 39.19 | 130.83 |
| Profit After Tax | - 122.76 | -295.85 | 35.54 | 129.02 |
| Net Worth | 1134.57 | 1866.87 | 2325.47 | 2459.34 |
| Reserves & Surplus | 973.14 | 1975.07 | 2383.61 | 2391.97 |
| Total Borrowing | 200 |
| KPI | Values |
|---|---|
| Market Cap (Rs Cr) | 24947.9 Cr. |
| P/E (x) | 670.31 |
| EPS | 0.41 |
| RoNW | 5.25% |
The company plans to utilize the Net Proceeds for the following purposes:
Additionally, listing its Equity Shares on the Stock Exchanges is anticipated to yield benefits such as increased visibility and enhancement of the company's brand image among both existing and potential customers.
Prospectus: Official documents that provide detailed information about the IPO and the company. Go Digit General Insurance Limited IPO DRHP and Go Digit General Insurance Limited IPO RHP
An IPO, or Initial Public Offering, is the process by which a private company offers its shares to the public for the first time to raise capital.
Companies go public to raise capital for expansion, reduce debt, or for other corporate purposes. It also provides liquidity to existing shareholders.
The price range for the"Go Digit General Insurance Limited" IPO is ₹258 to ₹272 per share.
The "Go Digit General Insurance Limited" IPO is expected to be listed on Thursday, 23 May 2024.
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