Go Digit Raises Rs 1,176 Cr from Anchor Investors Ahead of IPO

Go Digit, the Fairfax Group-backed general insurance company has successfully secured Rs 1,176 crore in its pre-IPO fundraising from 56 anchor investors, including renowned names like Fidelity, Abu Dhabi Investment Authority (ADIA), and hedge fund Bay Pond Partners.

As per exchange filings on May 14, Go Digit allotted 4.32 crore shares at Rs 272 apiece to the anchor investors. Notably, American multinational Fidelity Investments-backed fund received the highest allocation at 7.95 percent, followed by Goldman Sachs Funds (5.31 percent), ADIA (5.31 percent), Custody Bank of Japan (4.25 percent), and Bay Pond Partners (4.11 percent).

Furthermore, a significant portion of the allocation, comprising 1.44 crore equity shares (33.51 percent), was distributed among eleven domestic mutual funds through 23 schemes, Go Digit stated.

Go Digit General Insurance is poised to enter the primary market with its Rs 2,614.65-crore initial public offering (IPO). The IPO encompasses a combination of a fresh issue of 4.14 crore shares worth Rs 1,125 crore and an offer for sale of 5.48 crore shares worth Rs 1,489.65 crore.

Scheduled to open for subscription on May 15, 2024, and close on May 17, 2024, the IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale (OFS) of up to 5.47 crore shares. Promoter Go Digit Infoworks and other existing shareholders will offload their stake in the company under the OFS segment.

Go Digit’s successful pre-IPO fundraiser underscores investor confidence and sets a solid foundation for its public market debut. With a diverse investor base comprising institutional giants and domestic mutual funds, Go Digit is well-positioned to capitalize on market opportunities and drive sustainable growth in the insurance sector.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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