Go Digit General Insurance Limited IPO is set to launch on 15 May, 2024. The company initiated its business operations in the year 2017 and is one of the leading digital full stack non-life insurance companies, leveraging its technology to power what the company believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products. Since the inception, it has significantly scaled business, improved underwriting performance and generated consistent investment returns.
It also offers products directly to customers through its own website, as well as through web aggregators. This distribution strategy allows it to capture customers’ interest during key life moments, such as the purchase of a new car or home and mitigate geographic limitations. Its product portfolio consists of traditional and innovative solutions. It has established a broad suite of insurance lines targeted to meet the various needs of its growing customer base.
Other Information
The company launched 74 active products across all business lines. It aims to make insurance simple. Through innovation and transparency, it believes in delivering a seamless customer experience journey in a significant financial product an individual would purchase in their lifetime. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customise to meet his or her needs.
As of December 31, 2023, it maintains a broad distribution footprint across 24 of the 36 states and union territories in India. As of December 31, 2023, it had relationships with approximately 61,972 Key Distribution Partners, including approximately 58,532 POSPs, as well as individual agents, corporate agents, brokers and others. The company’s GWP was Rs. 66.80 billion and Rs. 52.88 billion for the nine months ended December 31, 2023 and the nine months ended December 31, 2022, representing a growth of 26.3% and was Rs. 72.43 billion, Rs.52.68 billion and Rs. 32.43 billion in Financial Year 2023, Financial Year 2022 and Financial Year 2021, representing a CAGR of 49.4% from Financial Year 2021 to Financial Year 2023.
Go Digit General Insurance Limited IPO DETAILS
Go Digit General Insurance Limited IPO is set to launch on 15 May, 2024. The subscription timeline extends till 17 May, 2024. The size for the IPO is Rs. 2614.65 Crore. Shares issued through fresh issue mode are worth Rs 1125 Crore. Shares issued through offer for sale mode are worth Rs. 1489.65 Crore. The lot size is 55 shares and the price is Rs. 258 to Rs. 272 per share. The company is going to get listed at BSE & NSE Mainboard. The face value per share is Rs.10 and this is a Book Built Issue. The registrar for the company is Link Intime India Private Ltd.
Tabular Description of Go Digit General Insurance Limited IPO
| IPO OPENING DATE | 15 May, 2024 |
| CLOSING DATE FOR IPO | 17 May, 2024 |
| ISSUE TYPE | Book Built Issue |
| Face Value per share | Rs. 10 per share |
| IPO price band | Rs. 258 to Rs. 272 per share |
| LOT SIZE | 55 shares |
| MINIMUM ORDER QUANTITY | 55 shares |
| ISSUE SIZE | Rs. 2614.65 Crore |
| OFFER FOR SALE | Rs. 1489.65 Crore |
| FRESH ISSUE | Rs. 1125 Crore |
| LISTING AT | BSE & NSE Mainboard |
| LISTING DATE | 23 May, 2024 |
Go Digit General Insurance Limited IPO: IMPORTANT DATES
| IPO OPENING DATE | 15 May, 2024 |
| CLOSING DATE FOR IPO | 17 May, 2024 |
| IPO ALLOTMENT DATE | 21 May, 2024 |
| REFUNDS | 22 May, 2024 |
| DEMAT A/C CREDITED ON | 22 May, 2024 |
| IPO LISTING DATE | 23 May, 2024 |
Go Digit General Insurance Limited IPO begins for subscription from 15 May, 2024. The IPO subscription would continue till 17 May, 2024. The allotment status for the shareholders who applied would come on 21 May, 2024. The refunds for the ones who did not get allotment would be initiated on 22 May, 2024. The DEMAT accounts of shareholders would be credited on 22 May, 2024. The listing of the company would be completed on 23 May, 2024.
Go Digit General Insurance Limited IPO: Lead Managers
The lead managers are :
- ICICI Securities Limited
- Morgan Stanley India Company Pvt Ltd
- Axis Capital Limited
- Hdfc Bank Limited
- Iifl Securities Ltd
- Nuvama Wealth Management Limited
The minimum lot size for retail investors is 55 shares, amounting to Rs. 14960. The maximum lot size for retail investors is 715 shares, amounting to Rs. 194480. The minimum and maximum lot size for S-HNI and B-HNI are as under:
| Shares | Amount | |
| Retail (Minimum) | 55 shares | Rs. 14960 |
| Retail (Maximum) | 715 shares | Rs. 194480 |
| S-HNI (Minimum) | 770 shares | Rs. 209440 |
| S-HNI (Maximum) | 3630 shares | Rs. 987360 |
| B-HNI (Maximum) | 3685 shares | Rs. 1002320 |
OBJECTIVES FOR THE IPO
- It is one of the leading digital full stack non-life insurance companies, leveraging its technology to power what the company believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products.
- The insurance sector has witnessed sea change post Covid and rising awareness for the necessity of insurance is auguring well for novel companies with technical bases and new product portfolios that suit the requirements of prospects.
- Through innovation and transparency, it believes in delivering a seamless customer experience journey in a significant financial product an individual would purchase in their lifetime.
- It is the fastest growing insurer among private non-life insurers by Gross Written Premium from FY 2022 to FY 2023.
- The company has turned the corner from FY23 and is poised for bright prospects as indicated by its recent performance.
COMPANY FINANCIALS
| Particularly (in Rs. Crore) | 2020-21 | 2021-22 | 2022-23 | Dec-2023 |
| Asset | 1874.80 | 2919.01 | 3346.75 | 3619.95 |
| Revenue | -118.55 | -293.64 | 39.19 | 130.83 |
| PAT | -122.76 | -295.85 | 35.54 | 129.02 |
Go Digit General Insurance Limited had an asset base of Rs. 1874.80 Crore in 2021 which increased to Rs. 3346.75 Crore in 2023.The asset base of the firm jumped to Rs. 3619.95 Crore as on Dec-2023. The revenue for the company was Rs. -118.55 Crore in 2021, which increased to Rs. 39.19 Crore in 2023. The revenue for 9 months ending December 2023 was Rs. 130.83 Crore. The profit of the company increased from Rs. -122.76 Crore in 2021 to Rs. 35.54 Crore in 2023. The profit generated for the 9 months ending December 2023 was Rs. 129.02 Crore.
PROS
- The company is one of the leading travel distribution platforms in the global travel and tourism industry having presence in over 100 countries and offering major travel related services under one roof.
- After suffering a setback for FY21 due to the Pandemic, it marked steady growth from FY22 onwards. Based on FY24 annualised earnings, the issue appears fully priced, but at lower P/E compared to listed peers.
- The company is poised for bright prospects as the global travel segment is poised for growth as indicated by recent trends.
Go Digit General Insurance Limited IPO Application Process with Zerodha
It is very easy to apply for an IPO now if you have a DEMAT account with Zerodha. Follow the steps below for the same :
- Logging into Zerodha console through its website or KITE platform. Clicking the IPO section present in the ORDER tab.
- Click the Go Digit General Insurance Limited IPO button and press the BID button.
- Entering the details asked for like UPI ID, Quantity and price.
- Submit the application form for the IPO.
- Visiting the application of UPI for approving the transaction.
Now, applying for an IPO online is possible with most of the Discount and online brokers.
