Go Digit General Insurance IPO saw 9.6x Subscription on Final Day
The IPO of insurtech unicorn Go Digit General Insurance (Digit) was subscribed 9.6x on the final bidding day, May 17.
According to BSE data, the startup public offer attracted bids for 50.76 crore shares, significantly exceeding the 5.28 crore shares available.
Digit initial public offering (IPO) garnered significant interest particularly from qualified institutional buyers (QIBs) with their reserved portion oversubscribed 12.56 times. QIBs bid for 36.22 crore shares, compared to the 2.88 crore shares reserved for them.
Non-institutional investors (NIIs) also showed strong interest on the final day, with their quota oversubscribed 7.25 times, receiving bids for 10.43 crore shares against 1.44 crore shares reserved.
Retail individual investors (RIIs) placed bids for 4.10 crore shares, oversubscribing their portion by 4.27 times, with 96.12 lakh shares on offer.
Following the successful IPO Digit’s shares will be listed on the BSE and NSE. The company aims to raise INR 2,614.6 crore through the public offer at the upper price band of INR 258-272.
The issue includes a fresh share issuance worth INR 1,125 crore and an offer for sale (OFS) of 5.47 crore shares.
This week, Digit secured INR 1,176.6 crore from anchor investors by allocating 4.32 crore shares.
The company intends to use the fresh proceeds from the IPO to maintain its solvency ratio for the financial year ending March 2025 (FY25).
