Go Digit General Insurance IPO subscribed 9.6 times

The initial public offering (IPO) of Bengaluru-based insurtech startup Go Digit General Insurance Ltd has been subscribed 9.6 times at the end of the book building process on Friday, according to data from NSE.

While the retail portion has been subscribed 4.3 times, qualified institutional buyers (QIBs) bid for 12.5 times the shares on offer.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College	Course	Website
Indian School of Business	Professional Certificate in Product Management	Visit
Indian School of Business	ISB Product Management	Visit
IIT Delhi	Certificate Programme in Data Science & Machine Learning	Visit

The company is looking to raise Rs 1,125 crore through a fresh issue of shares and an offer for sale of 54 million equity shares, a bulk of which is being sold by its parent entity Go Digit Infoworks, which owns a 80.5% stake in the company. Some small individual shareholders are also paring their holdings in the IPO.

The company had about 75% of the shares reserved for qualified institutional investors, 15% for non-institutional investors and 10% for retail investors.

Digit Insurance had already raised Rs 1,176.5 crore from anchor investors a day ahead of its IPO.

Fidelity, Goldman Sachs, Abu Dhabi Investment Authority, and Steadview Capital are among the international investors who took part in the funding exercise. Large domestic mutual funds such as SBI Mutual Fund, ICICI Prudential Mutual Fund, and Axis Mutual Fund also participated, Digit Insurance said in a statement late Tuesday. Overall, around 43.2 million equity shares have been allocated to the anchor investors at Rs 272 apiece.