SEBI invests in ‘Abeyance’ Go Digit’s IPO. Canada’s Fairfox Group funded the project

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The Securities and Exchange Board of India has “abyanced” the planned initial public offer of Go Digit General Insurance Ltd. which Canada’s Fairfax Group funds. SEBI has yet to provide any additional information.

Go Digit submitted preliminary IPO paperwork on August 17 to the capital market regulator. The draft documents indicate that the initial public offering would include a new issue equity shares in the amount of Rs 1,250 crore as well as an offer to sell 10,94 crore equity shares by existing shareholders and the promoter.

Go Digit offers auto insurance, medical insurance, travel insurance and property insurance. It is the first Indian non-life insurance company to go completely cloud-based, and has established API links with many channel partners. This Bengaluru-based company has a long history of development. Its gross written premiums were Rs 5,268 crore, R 3,243 crore and Rs 2,252 million in the fiscal years 2022-2021 and 2020 respectively. There was a 53% CAGR from fiscal year 2022.

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Investors in the company include Virat Kohli, actor Anushka Sharma and cricketer Virat Kohli.

SEBI declared Monday, September 16th that the “issuance (has been) suspended” for Go Digit’s IPO. SEBI’s remarks signify approval for an initial public offer. Typically, the regulator issues its observations within 30 days.

CICI Securities and Morgan Stanley India Company are the issue’s lead book managers. Axis Capital, Edelweiss Financial Services (HDFC Bank), IIFL Securities, CICI Securities, Morgan Stanley India Company and Axis Capital are also involved. This month, the HDFC Bank announced that it would acquire 9.94% in Go Digit-Life Insurance.

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