Go Digit IPO is a book built issue of Rs 2,614.65 crores.
The issue is a combination of fresh issue of 4.14 crore shares aggregating to Rs 1,125.00 crores and offer for sale of 5.48 crore shares aggregating to Rs 1,489.65 crores.
Go Digit IPO opens for subscription on May 15, 2024 and closes on May 17, 2024. The allotment for the Go Digit IPO is expected to be finalized on Tuesday, May 21, 2024. Go Digit IPO will list on BSE, NSE with tentative listing date fixed as Thursday, May 23, 2024.
Go Digit IPO price band is set at ₹258 to ₹272 per share. The minimum lot size for an application is 55 Shares. The minimum amount of investment required by retail investors is ₹14,960. The minimum lot size investment for sNII is 14 lots (770 shares), amounting to ₹209,440, and for bNII, it is 67 lots (3,685 shares), amounting to ₹1,002,320.
Go Digit IPO Details
| IPO Date | May 15, 2024 to May 17 , 2024 |
| Listing Date | [.] |
| Face Value | ₹10 par share |
| Price Band | ₹258 to 272 par share |
| Lot Size | 55 shares |
| Total Issue Size | 96,126,686 Shares (aggregating up to ₹ 2,614.65 Cr) |
| Fresh Issue | 41,360,294 Shares of (aggregating up to ₹ 1,125.00 Cr) |
| Offer for Sale | 54,766,392 Shares of ₹ 10 (aggregating up to ₹ 1,489.65 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE,NSE |
| Share holding pre Issue | 875,842,046 |
| Share holding post Issue | 917,202,340 |
Go Digit IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not More than 75 % of the Net Issue |
| Retail Shares Offered | Not More than 10 % of the Net Issue |
| NII (HNI) Shares Offered | Not More than 15 % of the Net Issue |
Go Digit IPO Timeline (Tentative Schedule)
Go Digit IPO opens on May 15, 2024, and closes on May 17, 2024.
| IPO Date | Wednesday , May 15, 2024 |
| IPO Close Date | Friday , May 17, 2024 |
| Basis of Allotment | Tuesday , Mar 21, 2024 |
| Initiation of Refunds | Wednesday , Mar 22 ,2024 |
| Credit of Shares to Demet | Wednesday , Mar 22 ,2024 |
| Listing Date | Thursday , Mar 23, 2024 |
| Cut-off time for UPI mandate Confirmation | 5PMon May, 17,2024 |
Go Digit IPO Lot Size
Investors can bid for a minimum of 55 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 55 | ₹ 14,960 |
| Retail (Max) | 13 | 715 | ₹ 194,480 |
| S-HNI (Min) | 14 | 770 | ₹ 209,440 |
| S-HNI (Max) | 66 | 3,630 | ₹ 987,360 |
| B-HNI (Min) | 67 | 3,685 | ₹ 1,002,320 |
Go Digit IPO Promoter Holding
The promoter of the company are Kamesh Goyal, GoDigit Infoworks Services Private Limited, Oben Ventures LLP And FAL Corporation.
| Share Holding pre Issue | 83.31% |
| Share Holding post Issue |
About Go Digit General Insurance Limited
Incorporated in December 2016, Go Digit General Insurance Limited is an insurance provider offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customize to meet their needs.
The company has currently launched a total of 74 active products across all its business lines.
As of December 31, 2023, the company had about 61,972 partners, including 58,532 POSPs and other agents.
As of December 31, 2023, the company had a distribution centers in 24 states and union territories in India.
As of Dec 31, 2023, company had 473 active bots to automate tasks for functions and partners.
As of December 31, 2023, the company currently operates 75 offices throughout India.
As of March 31, 2023 and December 31, 2023, the company had 3,333 and 3,957 employees, respectively.
Go Digit General Insurance Limited Financial Information (Restated)
Go Digit General Insurance Limited’s revenue increased by 113.35% and profit after tax (PAT) rose by 112.01% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Des 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 3,619.95 | 3,346.75 | 2,919.01 | 1,874.80 |
| Revenue | 130.83 | 39.19 | -293.61 | -118.76 |
| Profit After Tax | 129.02 | 35.54 | -295.85 | -122.76 |
| Net Worth | 2,459.34 | 2,325.47 | 1,866.87 | 1,134.57 |
| Reserves and Surplus | 2,391.97 | 2,383.61 | 1,975.07 | 973.14 |
| Total Borrowing | 200.00 |
Key Performance Indicator
The market capitalization of Go Digit IPO is Rs 24947.9 Cr.
KPI as of December 31, 2023.
| KPI | Values |
| RONW | 5.25% |
| P/BV | 9.67 |
| Pre IPO | Post IPO | |
| EPS (RS) | 0.41 | 1.88 |
| P/E (X) | 670.31 | 145.03 |
Note :
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.
Objects of the Issue (Go Digit IPO Objectives)
- To undertake its existing business activities; and
- To undertake the activities proposed to be funded from the Net Proceeds. Further, the Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, which, the company believes, will enhance the visibility and its brand image among its existing and potential customers.
Go Digit IPO Review (Avoid)
The insurance sector has witnessed sea change post Covid and rising awareness for necessity of insurance is auguring well for novel companies with technical base and new product portfolio that suits the requirements of prospects. The company has turned the corner from FY23 and is poised for bright prospects as indicated by its recent performance. Based on FY24 annualized earnings, the issue appears aggressively priced. The accounting jugglery of insurance sector is difficult to understand by a layman and hence one has to keep an eye on its business growth and future prospects. Well-informed investors may park moderate funds for the long term rewards, others may avoid.