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.
The retail portion was subscribed 4.3 times, while qualified institutional buyers (QIBs) bid for 12.5 times the shares on offer.
The company aims to raise Rs 1,125 crore through a fresh issue of shares and an offer for the sale of 54 million equity shares. Most of these shares are being sold by its parent entity, Go Digit Infoworks, which owns an 80.5% stake. Some small individual shareholders are also reducing their holdings in the IPO.
The company reserved about 75% of the shares for qualified institutional investors, 15% for non-institutional investors, and 10% for retail investors.
Digit Insurance raised Rs 1,176.5 crore from anchor investors a day before its IPO.
International investors like Fidelity, Goldman Sachs, Abu Dhabi Investment Authority, and Steadview Capital participated in the funding. Large domestic mutual funds, including SBI Mutual Fund, ICICI Prudential Mutual Fund, and Axis Mutual Fund, also took part. In total, around 43.2 million equity shares were allocated to the anchor investors at Rs 272 each, Digit Insurance announced late Tuesday.
