Virat Kohli and Anushka Sharma backed Go Digit General Insurance is all set to launch its initial public offerings (IPO) next week. The IPO will open for subscription on May 15, 2024 and closes on May 17, 2024.
Read More: Forex Update: India’s Foreign Exchange Reserves Jump $3.66 Billion to $641.59 Billion
Ahead of opening for subscription, the Go Digit IPO is commanding a premium of ₹65 in the grey market, according to market observers. This indicates that the anticipated listing price for Go Digit IPO shares could be ₹65, representing a 23.9 percent increase over the IPO price of ₹337.
According to investorgain.com, the lowest Grey Market Premium (GMP) for the Go Digit IPO stands at ₹50, with the highest GMP reaching ₹70. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Among the investors in the company are cricketer Virat Kohli and his actor wife, Anushka Sharma. However, as per the IPO documents, they are not divesting any shares.
Read More: High FD rates for senior citizens: These banks are offering rates of up to 8.6% on fixed deposits
Go Digit IPO details
The IPO aims to raise over ₹2,615 crore, with a price band of ₹258 to ₹272 per share.
The IPO comprises a fresh issue of shares worth ₹1,125 crore along with an offer for sale (OFS) of 54,766,392 shares. Investors can bid for up to a maximum of 55 equity shares, with increments of 55 shares thereafter.
The IPO allocation designates 75 percent for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.
The proceeds from the proposed IPO will be allocated towards general corporate purposes, bolstering solvency levels, and enhancing the company’s capital base.
Read More: Do you have enough money for your retirement years? 10 investment options you should be looking at
ICICI Securities, Axis Capital, Morgan Stanley India Company, HDFC Bank, IIFL Securities, and Nuvama Wealth Management serve as the book-running lead managers for the issue.
