Go Digit General Insurance IPO : If you like to invest in IPO, then this news is very useful for you. In fact, a new company is also preparing to launch its IPO. Know further about the IPO of these two companies in detail.
what is the name of the company
According to CNBC-TV18, insurance regulator IRDAI on November 25 has given the final nod to Fairfax-backed Go Digit General Insurance Ltd for listing on stock exchanges, BSE, NSE. Go Digit General Insurance Ltd had applied to market regulator SEBI in August to raise money through an IPO. Virat Kohli and Anushka Sharma are among the investors of this company.
How much will be the share
However, SEBI has not yet given the green signal to the IPO. It will come out with an IPO anytime soon after getting approval from SEBI. SEBI has not yet clarified the reason behind not giving approval to its IPO. According to the Draft Red Herring Prospectus (DRHP), a promoter and existing shareholders will sell shares in the IPO. Equity shares worth Rs 1,250 crore will be sold in the issue. Also, there will be an offer for sale of 10,94,45,561 equity shares.
Go Digit Infoworks Services Private Limited plans to sell up to 10,94,34,783 equity shares in Go Digit General Insurance Limited’s IPO under OFS. Also, the company may consider pre-IPO placement of equity shares up to Rs 250 crore. If such placement is completed, the total size of the new issue will be reduced.
what will happen to the money
The proceeds of the IPO issue will be used to augment the capital base of the company and maintain solvency levels and for general corporate purposes. Go Digit provides Motor Insurance, Health Insurance, Travel Insurance, Property Insurance, Marine Insurance, Liability Insurance and other insurance products to meet the needs of the customers. It is one of the first non-life insurance companies in India to operate completely on the cloud and has developed Application Programming Interface (API) integrations with multiple channel partners.
Who is handling the IPO
This is a Bangalore based company. ICICI Securities, Morgan Stanley India Company, Axis Capital, Edelweiss Financial Services, HDFC Bank and IIFL Securities are the book running lead managers to the issue. The full form of IPO is Initial Public Offering. When a company makes an offer to sell its shares to the common investors for the first time, it is called an IPO. Generally, when these companies are in need of money, they come to the stock market. The best way to do this is through an IPO. So far there have been many IPOs in November. These include Fusion Micro Finance, Global Health, Bikaji Foods International, Five Star Business Finance and Archean Chemical Industries. More will come this month.