Go Digit General Insurance was incorporated on December 7, 2016. The company is one of the leading digital full stack insurance companies, leveraging its technology to power its product design, distribution and customer experience for non-life insurance products. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs.
| Bidding Dates |
|---|
| 15 May 2024 - 17 May 2024 |
| Subscription |
|---|
| 9.6x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,190 | 1 | 13 | 55 | 96.1 M | ₹258 - ₹272 | 73.58 % | ₹24800.7 M - ₹26146.5 M | RHP DOC |
Go Digit Insurance IPO SUBSCRIPTION STATUS
17 May '24Go Digit Insurance IPO overall subscription rate was 9.6 times the total available shares
Go Digit Insurance IPO retail subscription rate was 4.27 times in the retail segment
Go Digit Insurance IPO non-institutional investor subscription rate was 7.24 times in the non-institutional investor category
Go Digit Insurance IPO Qualified Institutional Bidder subscription rate was 12.56 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
17 May 2024 (Day 3) | 4.27x | 7.24x | 12.56x |
16 May 2024 (Day 2) | 2.54x | 0.73x | 0.24x |
15 May 2024 (Day 1) | 1.44x | 0.34x | 0x |
Go Digit Insurance FINANCIALS
| Period | Net Profit (Rs in millions) | Net Premium Earned (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) |
| 9MFY24 | 1,290.2 | 51,146.1 | 12,629.9 | 12,501.2 |
| 9MFY23 | 100.2 | 37,673.2 | 15,678.3 | 15,541.6 |
| FY23 | 355.5 | 51,636.7 | 22,497.5 | 22,293.5 |
| FY22 | -2,958.5 | 34,042.3 | 24,790.0 | 24,290.6 |
| FY21 | -1,227.6 | 19,436.9 | 15,633.7 | 15,362.1 |
Go Digit Insurance IPO SUBSCRIPTION STATUS DETAILS
Go Digit Insurance had 96.1 M shares on offer
Go Digit Insurance IPO offer price was in the range ₹258 - ₹272
Go Digit Insurance IPO minimum Investment was ₹14190
Go Digit Insurance IPO issue size was ₹ 24800.7 M - ₹ 26146.5 M
Go Digit Insurance had a minimum lot size of 55 Shares per application
Go Digit Insurance NUMBER OF SHARES ON OFFER
Go Digit Insurance IPO IMPORTANT DATES
| Issue Open Date | 15 May 2024 |
| Issue close Date | 17 May 2024 |
| Allotment Date | 21 May 2024 |
| Refund Date | 22 May 2024 |
| Demat Account Credit Date | 22 May 2024 |
| Listing Date | 23 May 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Go Digit Insurance Allotment Status | Exchange |
Go Digit Insurance IPO subscription opened on 15 May 2024, and closed on 17 May 2024
IPO allotment for Go Digit Insurance was finalized on Tuesday, 21 May 2024
IPO listing for Go Digit Insurance was on NSE and BSE on Thursday, 23 May 2024
Go Digit Insurance IPO LISTING GAINS
| Issue Price (adjusted) | 272.0 |
| Listing Open Price | 286.0 |
| Listing Close Price | 306.0 |
| Listing Gain% | 5.2% |
| Current Gain% | 0.1% |
Go Digit Insurance Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Go Digit General Insurance Ltd. | 272.2 | 24970.8 | 48.7 | 4.2 | 2.5 | 11.7 | 2.2 | 10477.9 | 8.1 | 544.4 | 28.1 | 5.6 | 11.6 |
| ICICI Lombard General Insurance Company Ltd. | 1639 | 81870.2 | 33.7 | -3.7 | 3 | 16.7 | 3.6 | 27088.2 | 12.9 | 2771.9 | 10.5 | 48.6 | -9.2 |
| General Insurance Corporation of India | 357.2 | 62667.2 | 6.5 | 0.2 | 1.2 | 16.3 | 4.7 | 54376.9 | 8.9 | 9662.4 | 30 | 55.1 | 30 |
| Star Health and Allied Insurance Company Ltd. | 569.8 | 33488.9 | 39.7 | 0.9 | 1.7 | 7.4 | 2.3 | 17834.4 | 10.7 | 557 | -13.8 | 14.4 | 43.2 |
| The New India Assurance Company Ltd. | 177.1 | 29187.7 | 37.9 | -1.1 | 0.6 | 4.9 | 1.3 | 50649.8 | 16.1 | 1412.3 | 36.2 | 4.7 | -35.8 |
| Niva Bupa Health Insurance Company Ltd. | 86.2 | 15938.5 | 44.3 | 0.3 | 2 | 4.1 | 1.2 | 6696.7 | 21.1 | 130.8 | -38.8 | 1.9 | 155.5 |
Go Digit Insurance INFORMATION ON IPO ISSUE
About Go Digit Insurance
Go Digit General Insurance was incorporated on December 7, 2016. The company is one of the leading digital full stack insurance companies, leveraging its technology to power its product design, distribution and customer experience for non-life insurance products. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs.
Object of the Issue
- To utilise the net proceeds, as per the applicable IRDAI regulations, towards maintenance of the company's solvency ratio by investing in instruments and in the manner prescribed under the IRDAI Actuarial & Allied Regulations, 2024
Go Digit Insurance - PROMOTERS
| Name |
|---|
| Kamesh Goyal |
| Go Digit Infoworks Services Private Limited |
| Oben Ventures LLP |
| FAL. |
Go Digit Insurance Book Running Lead Manager
ICICI Securities Limited
godigit.ipo@icicisecurities.com
Morgan Stanley India Company Private Limited
digitipo@morganstanley.com
Axis Capital Limited
godigit.ipo@axiscap.in
HDFC Bank Limited
godigitipo@hdfcbank.com
IIFL Securities Limited
godigit.ipo@iiflcap.com
Nomura Financial Advisory and Securities (India) Private Limited
godigit.ipo@nuvama.com
Go Digit Insurance Registrar to the Offer
Link Intime India Private Limited
godigit.ipo@linkintime.co.in
Go Digit Insurance Strengths
Distribution partners
The company's distribution partners include individual agents, POSPs, corporate agents, motor insurance service providers, and brokers. Its customer journeys are tailor-made to each distribution partner with engagement at three levels
Predictive underwriting models
The company has combined its expertise in the motor insurance market with its data bank to build extensive underwriting models that it uses to accurately assess risk and predict losses for the motor insurance products at a granular level
Advanced technology platform
The company's technology enables it to achieve efficient underwriting, which is the differentiator among insurers. It builds technology-enabled solutions and employ a hybrid model of AI-enabled analytics and human assessment to streamline the value chain, aid the customers, partners and employees and drive efficiency
Go Digit Insurance Risks
Limited operating history
The company has a track record of reporting losses and, it may not be able to maintain profitability in the future. Its limited operating history makes it difficult to accurately evaluate the future business prospects
Outstanding legal proceedings
There are outstanding legal proceedings involving the company, its promoters and its directors, which may have a material impact on the company
Show-cause notices
The company has have received cautions, warnings and show-cause notices from the IRDAI due to alleged non-compliance with various regulatory prescriptions in the past, and IRDAI has imposed penalties in certain cases
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,490.0 crore, of 54,766,392 shares. It also consists of a fresh issue of Rs 1,125.0 crore.
The promoters of the company are Kamesh Goyal, Go Digit Infoworks Services Private Limited, Oben Ventures LLP and FAL..
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 258.0 - 272.0.
The IPO application opens on May 15, 2024 and closes on May 17, 2024.
The minimum lot size for the IPO is 55. The maximum lot size for the IPO is 715.
For all category investors, the minimum application amount for this IPO is Rs. 14,190.0, the maximum value for this IPO is Rs 194,480.0.
This IPO will be allotted on May 21, 2024.
The refund will be credited to your account on May 22, 2024.
The allotted shares will be credited to your demat on May 22, 2024.
Go Digit General Insurance Ltd.’s shares listed on the stock exchanges on May 23, 2024.