New Delhi: Capital markets regulator SEBI has “postponed” the proposed initial share sale of Canada-based Fairfax Group-backed Go Digit General Insurance Ltd. However, the Securities and Exchange Board of India India (SEBI) did not clarify further.
Go Digit had filed an FIR IPO Papers with the capital markets regulator on August 17. cricketer Virat Kohli and his wife Anushka Sharma are among the investors in the firm.
As per the draft, the company’s proposed initial public offering (IPO) included issuance of equity shares worth Rs 1,250 crore and offer for sale of 10.94 crore equity shares by a promoter and existing shareholders. The proceeds from the new issue were to be used to increase the company’s capital base and to meet the solvency level and maintenance of general corporate objectives.
Without disclosing the reason, Sebi said “issuance of comments (has stopped)” regarding Go Digit’s IPO, showed an update on the regulator’s website on Monday. The information was updated on 16 September. Issuance of comments by SEBI means proceeding for IPO and the regulator usually gives its comments on IPO papers in 30 days.
Go Digit offers Motor Insurance, Health Insurance, Travel Insurance, Property Insurance, Marine Insurance, Liability Insurance and other insurance products. It is one of the first non-life insurance companies in India to operate completely on the cloud and has developed Application Programming Interface (API) integration with multiple channel partners.
The Bengaluru-based company has a track record of delivering growth of Rs 5,268 crore, Rs 3,243 crore and Rs 2,252 crore with Gross Written Premium (GWP) in the financial years 2022, 2021 and 2020, with a Compound Annual Growth Rate (CAGR) . 53 percent from FY 2020 to FY 2022. ICICI Securities, Morgan Stanley India Company, Axis Capital, Edelweiss Financial Services, HDFC Bank and IIFL Securities are the book running lead managers to the issue.
Last month, private sector lender HDFC Bank announced that it will take a 9.94 per cent stake in Go Digit’s life insurance venture.
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