The ₹2,615-crore IPO of Go Digit General Insurance was subscribed fully on the last day of issue closing on Friday. The issue was subscribed 9.60 times. The IPO came out with a price band of ₹258-272.
As against an offer of nearly 5.29 crore shares (net off anchor portion), the IPO received bids for about 50.76 crore shares.
The issue is a mix of a fresh issue of 4.14 crore shares worth ₹1,125 crore and an offer for sale of 5.48 crore shares for ₹1,489.65 crore.
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The quota reserved for retail investors’ was subscribed 4.27 times; the respective portions of QIBs and non-institutions were subscribed 12.56 times and 7.24 times.
Go Digit Infoworks Services Private Ltd, the promoter selling shareholder, will offload up to 5,475 crore shares, while other selling shareholders such as Nikita Mihir Vakharia and Mihir Atul Vakharia together plan to sell up to 4,000 equity shares, and Nikunj Hirendra Shah and Sohag Hirendra Shah together, up to 3,778 shares. Besides, Subramaniam Vasudevan and Shanti Subramaniam intend to sell up to 3,000 shares.
The fresh capital will be used for the expansion of the company’s capital base and maintenance of solvency levels and general corporate purposes.
Go Digit had raised ₹1,176 crore from anchor investors. It had allotted 4.32 crore shares to anchor investors at ₹272 a share.
