Go Digit Mops Up Rs 1,176 Crore From Anchor Issue In Pre-IPO Fundraise

The American multinational Fidelity Investments-backed fund got the highest allocation of 7.95%.

<div class="paragraphs"><p>(Source: Go Digit General Insurance website)</p></div>
(Source: Go Digit General Insurance website)

Go Digit General Insurance Ltd. has raised Rs 1,176 crore from anchor investors, ahead of its initial public offering. The company allotted 4.32 crore shares at Rs 272 apiece to 56 anchor investors.

The American multinational Fidelity Investments-backed fund got the highest allocation of 7.95%.

Goldman Sachs Funds (5.31%), Abu Dhabi Investment Authority (5.31%), Custody Bank of Japan (4.25%) and Bay Pons Partners (4.11%) are among the other marquee investors in the pre-IPO round fundraising.

Eleven domestic mutual funds have applied through a total of 23 schemes, the company said in an exchange filing on Tuesday. They have collectively netted 33.5% of the anchor portion of Rs 204 crore.

ICICI Prudential Mutual Fund, SBI Mutual Fund, Mirae Asset and Axis Mutual Fund are among the key investors in this category.

The issue's book-running lead managers include ICICI Securities Ltd., Morgan Stanley, Axis Capital, HDFC Bank Ltd., IIFL Securities Ltd., and Nuvama Wealth Management.

Virat Kohli, Anushka Sharma Set To Earn Over Three Times Profit From Go Digit IPO

About Go Digit IPO

Go Digit General Insurance will launch its three-day initial public offering on Wednesday to raise over Rs 2,600 crore. The Virat Kohli-backed startup's IPO consists of a fresh issue of equity shares of face value Rs 10 each, aggregating up to Rs 1,125 crore. The offer-for-sale portion will be worth Rs 1,489.6 crore at the upper end of the price band, which has been fixed in the range of Rs 258–272 per share.

Promoter Go Digit Infoworks Services Pvt. will offload 5.74 crore equity shares as a part of the OFS, which were acquired at a weighted average cost of Rs 13.57 per share. Selling at the upper end of the price band would get them a profit of Rs 1,415 crore.

The Pune-based company aims to utilise the net proceeds towards maintenance of its solvency ratio, according to the red herring prospectus.

Virat Kohli-Backed Go Digit Insurance Sets IPO Price Band