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Go Digit General Insurance gains on debut
23-May-24   10:14 Hrs IST

The scrip was listed at Rs 281.10, exhibiting a 3.35% premium to the issue price.

So far, the stock has hit a high of 297.5 and a low of 281.10. On the BSE, over 7.04 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Go Digit General Insurance was subscribed 9.60 times. The issue opened for bidding on 15 May 2024 and closed on 17 May 2024. The price band of the IPO was fixed at Rs 258 to 272 per share.

The offer comprised fresh issue of equity shares up to Rs 1,125 crore and an offer for sale of 547.66 lakh equity shares.

The company proposes to utilize the net proceeds from the fresh issue towards maintenance of solvency ratio by investing in instruments in the manner prescribed under the IRDAI Actuarial & Allied Regulations, 2024.

Go Digit General Insurance is a digital full stack non-life insurance company, leveraging technology for enhancing product design, distribution and customer experience. The company, incorporated in December 2016, catered approximately 82.5% or Rs 6,680 crore (9M FY2024) of the GWPs written by digital full stack insurance players including Go Digit, Acko and Navi, making it the largest digital full stack insurance player in India.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, liability insurance and other insurance products. The company has designed its underlying business model to minimize dependency on any single line of business.

The firm reported a net profit of Rs 129.02 crore and total income of Rs 130.83 crore for the nine months ended on 31 December 2023.

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