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The general insurance company is expected to raise Rs 5,000 crore through the issuance of 15 per cent equity.
Fairfax-backed Go Digit Insurance is expected to file the Red Herring Prospectus (DRHP) draft for its initial public offering (IPO) this week, sources told CNBC-TV18. The Bengaluru-based general insurance company is expected to raise Rs 5,000 crore through the issuance of 15 per cent equity.
Go Digit Insurance’s IPO will likely consist of both new offerings and offer-for-sale (OFS).
The Go Digit IPO is estimated to raise Rs 1,250 crore from new issues and the remaining Rs 3,750 crore from OFS. The value of Go Digit Insurance IPO is likely to be around Rs 30,000 – 35,000 crore.
Kamesh Goyal’s Go Digit General Insurance Limited is a general insurance company backed by Canadian company Prem Watsa’s Fairfax Financial Holdings Limited.
The insurance company announced on July 18 that it would introduce a pay-as-you-drive (PAYD) add-on feature for auto insurance policies for own damage (OD). Indian cricketer Virat Kohli and the company backed by actress Anushka Sharma are the first insurers in the country to introduce the feature.
This feature allows customers who drive less to pay, the company said in a press release. Anyone who drives an average of less than 10,000 kilometers per year can enjoy the discount.
Initial publication: August 13, 2022 at 21:03 CET
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