Anushka Sharma & Virat Kohli-Backed Go Digit To Launch Rs 1250 Crore IPO

After facing multiple delays in its IPO plan, Virat Kohli & Anushka Sharma-backed insurance startup Go Digit has finally received the green signal from India¡¯s market regulator Securities and Exchange Board of India (SEBI) to launch its IPO.

Anushka Sharma & Virat Kohli-Backed Go Digit To Launch IPO

virat anushka go digit ipo/ani

Go Digit is backed by cricketer Virat Kohli and his wife, bollywood actress and producer Anushka Sharma. Go Digit General Insurance Ltd is also backed by Canada-based Fairfax Group. Go Digit is expected to go public with its IPO within the first half of 2024.

SEBI¡¯s approval for Go Digit¡¯s IPO came on March 4th. The company's preliminary IPO papers were first filed in August 2022, as per Mint report.

Go Digit's proposed IPO comprises fresh issuance of shares worth ?1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

Also Read: List Of Startups In Which Virat Kohli Has Invested

What Go Digit Will Do With The IPO Proceeds?

virat akohli go digit ipo/digit Insurance Facebook

Go Digit will reportedly use the proceeds from the new issuance (in IPO) to maintain levels of solvency, increase its capital base, and pursue other general corporate objectives.

In August 2022, the company submitted a DRHP to SEBI in an attempt to raise money through a first share sale. But the main reason it was thwarted was because of some compliance requirements related to the scheme for employee stock appreciation rights.

On January 30, 2023, SEBI returned Go Digit's draft IPO documents and requested that the business refile them with the necessary updates. After that, in April 2023, the company once more submitted its preliminary IPO paperwork to SEBI.

The company that owns Go Digit, Digit General Insurance, filed an addendum to its IPO documents in November of last year. In it, the company stated that it had received a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) regarding its "non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax."

Also Read: Hyundai Planning To Launch India's Biggest Ever IPO On Diwali 2024

Go Digit¡¯s Second Attempt At Launching Its IPO

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Go Digit is making its second attempt at going public. The offer document was returned by SEBI in January 2023 with comments on the employee stock options and the lock-in period for shareholders and promoters. On April 6, Go Digit fixed these problems and re-filed the offer document.

To satisfy consumer needs, Go Digit provides a variety of insurance products, including liability, health, travel, property, marine, and auto insurance. As per the report, it is among the first non-life insurers in India to run entirely on the cloud, and it has integrated multiple channel partners through Application Programming Interface (API) development.

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