Go Digit General Insurance Ltd.'s will launch a three-day initial public offering on May 15. The IPO consists of a fresh issue of equity shares of face value of Rs 10 each, aggregating up to Rs 1,250 crore. The offer-for-sale portion will consist of up to 5.48 crore equity shares of a face value of Rs 10 each, according to its red herring prospectus.
The price band and the minimum bid lot will be decided by the company. The bidding date for anchor investors is May 14. The IPO will close on May 17, it announced on Thursday.
The insurance company's shareholders include cricketer Virat Kohli and Bollywood actor Anushka Sharma. The prospectus showed that Kohli and Sharma are not among the selling shareholders in this issue.
The company aims to utilise the net proceeds towards maintenance of its solvency ratio by investing in instruments and "in the manner prescribed under the Irdai Actuarial & Allied Regulations," it had said in the draft RHP.
The issue's book-running leading managers include ICICI Securities, Morgan Stanley, Axis Capital, HDFC Bank, IIFL Securities and Nuvama Wealth Management.
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