A woman walks past the Securities and Exchange Board of India (SEBI) logo, at its headquarters in Mumbai, India May 27, 2022. REUTERS/Francis Mascarenhas
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MUMBAI, 20 September (Reuters) – India’s markets regulator has put an IPO of Digit Insurance on hold, according to a document on its website.
The Securities and Exchange Board (SEBI) said the company’s IPO was “in limbo” but gave no further explanation for the action.
Reuters reported last month that the company, which is backed by Canadian billionaire Prem Watsa’s Fairfax Group, intended to raise around $440 million through an IPO. Continue reading
Founded in 2017, Digit is looking to expand its presence in general insurance by offering better customer service including easier claims handling.
The company’s prospectus, filed last month, indicated that the IPO will consist of an initial share offering worth 12.5 billion Indian rupees ($158 million), while existing shareholders will sell up to 109.4 million shares.
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Reporting by Abhirup Roy in Mumbai, writing by Shilpa Jamkhandikar; Edited by Kim Coghill
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