Digit’s IPO Allotment Deferred Till May 21

The allotment of the initial public offering (IPO) of insurance tech unicorn Go Digit General Insurance’s (Digit) has been deferred for a day and will open on May 21. The delay is owed to the Mumbai elections due to which the BSE and NSE stock exchanges are closed on Monday (May 20). 

Post the allotment, the company’s shares are expected to be listed on the bourses on Thursday (May 23). 

The startup closed its public offer last week on Friday (May 17) with a healthy oversubscription of 9.6X. The IPO received bids for 50.76 Cr shares as against 5.28 Cr shares on offer. 

The highest interest came from qualified institutional buyers (QIBs), as the portion was oversubscribed 12.56X. QIBs placed bids for 36.22 Cr shares as against 2.88 Cr shares reserved for them. 

This was followed up by Non-institutional investors (NIIs), who oversubscribed their quota by 7.25X, receiving bids for 10.43 Cr shares as against 1.44 Cr shares reserved for them.  

With its IPO, the startup will be raising INR 2,614.6 Cr through the public offer at the upper end of the price band, set at INR 258-272. With the listing, it will join the growing list of new-age tech startups that are listed on the bourses. 

While B2B travel portal Travel Boutique Online or TBO Tek listed at a premium of 55% to its issue price of INR 920, TAC Infosec and Trust Fintech also listed on the NSE’s SME platform earlier this year. 

It is pertinent to note that the next startup to follow Digit will be coworking startup Awfis. Its INR 599 Cr IPO is scheduled to open on May 22 and close on May 27.  The startup has set a price band of INR 364-INR 383 for its upcoming IPO.

Furthermore, startups like Ola Electric, Unicommerce, and ixigo are awaiting a go-ahead from SEBI for their IPOs.