Unlisted shares of Go Digit Insurance Ltd are trading Rs 25.50 higher in the grey market, expecting a whopping 9.38 per cent listing gain from the public issue
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Go Digit IPO Allotment Today: Insurance company Go Digit General Insurance, backed by the Indian cricketer Virat Kohli and his wife and a leading Bollywood actor Anushka Sharma, received 9.6 times subscription in its initial public offering. Investors will on May 21 start getting bank debit messages in the evening once they are alloted the IPO. The IPO status can be checked on registrar Link Intime’s portal and websites of BSE and NSE.
The Rs 2,614.65-crore IPO was opened for public subscription between May 15 and May 17.
Go Digit IPO: How To Check Allotment Status
The Go Digit IPO allotment will likely be finalised on May 21, while its listing will take place on both BSE and NSE on May 23.
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Go Digit General Insurance Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime portal — linkintime.co.in/mipo/ipoallotment.html and check Go Digit IPO allotment status.
Go Digit IPO GMP Today
According to market observers, unlisted shares of Go Digit Insurance Ltd are trading Rs 25.50 higher in the grey market as compared with its issue price. The Rs 25.50 grey market premium or GMP means the grey market is expecting a whopping 9.38 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
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‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The price of the Go Digit IPO was fixed at a price band of Rs 258-272 per share.
Investors needed to apply for a minimum of 55 equity shares and in multiples thereof. Hence, the minimum investment by retail investors was Rs 14,190 (55 (lot size) x Rs 258 (lower price band)). At the upper end, the bidding amount will increase to Rs 14,960.
Go Digit IPO: More Details
Go Digit’s IPO comprised a fresh issuance of equity shares worth Rs 1,125 crore and an Offer-for-Sale (OFS) of 5.47 crore equity shares by promoter Go Digit Infoworks Services and existing shareholders worth Rs 1,490 crore. This takes the total IPO size to Rs 2,615 crore at the upper end of the price band.
At present, Go Digit Infoworks Services owns 83.3 per cent stake in the company. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.
Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any share in the IPO. About 75 per cent of the issue size has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 55 equity shares and in multiples of 55 equity shares thereafter.
Go Digit offers 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 insurers in India to be fully-operated on the cloud and has developed application programming interface (API) integrations with several channel partners.
In March, Go Digit secured the approval from the Securities and Exchange Board of India (Sebi) to float the IPO. The company had first filed the draft red herring prospectus (DRHP) with the Sebi in August 2022, to raise funds through an initial share sale.
However, it was thwarted primarily due to certain compliance requirements pertaining to the employee stock appreciation rights scheme. Sebi returned Go Digit’s draft IPO papers on January 30, 2023 and asked the company to refile the documents with certain updates. Following this, the company again filed the preliminary IPO papers with Sebi in April 2023.
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ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management and IIFL Securities are book running lead managers to Go Digit’s IPO.
