Go Digit General Insurance’s IPO continued to see strong demand as it approached the final day of bidding on May 17, with the issue being subscribed 91 percent. The IPO garnered bids for 4.79 crore shares against the 5.28 crore shares on offer.
This IPO, valued at Rs 2,614.65 crore, comprises 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.
According to exchange data, the retail category was subscribed 2.85 times, while non-institutional investors secured 95 percent of their allotted quota. The portion reserved for qualified institutional buyers (QIBs) was subscribed 24 percent.
Ahead of the IPO opening on May 14, the insurance technology firm, backed by Fairfax, raised approximately Rs 1,176 crore from anchor investors, including Fidelity, Abu Dhabi Investment Authority (ADIA), and hedge fund Bay Pond Partners. The company priced 4.32 crore equity shares at Rs 272 each, allocating them to 56 funds at the upper end of the price band.
Go Digit intends to utilize the IPO proceeds to support its ongoing business operations and fund planned activities. Additionally, listing its equity shares on the stock exchanges is expected to boost the company’s visibility and brand image among both existing and potential customers.
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