Go Digit Makes Muted Debut; Lists At 5% Premium On NSE

Bengaluru-based Go Digit received a lukewarm response on its market debut earlier in the day. 

The insurance tech company’s shares were listed at INR 286 per share on NSE, a 5.1% premium of than the issue price of INR 272. Similarly on the BSE, the Virat Kohli-backed startup’s shares were listed at INR 281 apiece, a meager 3.3% higher than the issue price.

The IPO bidding which started on May 15, received a 9.6X subscription on the final day of bidding. As per BSE data, Go Digit’s public offer received bids for 50.76 Cr shares as against the earmarked 5.28 Cr shares.

The startup’s IPO saw the most interest from qualified institutional investors (QIB), as the portion kept for them received a 12.56X subscription. They place bids for 36.22 Cr shares as against the available 2.88 Cr 

The non-institutional investors (NIIs) received bids for 10.43 Cr shares as against the 1.44 Cr shares available for them, showcasing an oversubscription of 7.25X. 

The retail investors placed bids for 4.10 Cr shares, as against the available 96.12 Lakhs shares, resulting in a 4.27X subscription. 

The startup had earlier announced that it raised INR 1,176.6 Cr from its anchor investors. 

The startup’s IPO offer consisted of a fresh issue of shares worth INR 1,125 Cr and an offer for sale (OFS) component of 5.47 Cr equity shares. In March, the startup received a nod for IPO listing from the market regulator SEBI.

It needs to be noted that the startup has reduced its IPO offer over the period of time. Earlier, in its draft red herring prospectus (DRHP), the IPO comprised a fresh issue worth INR 1,250 Cr and an OFS component of 10.94 Cr equity shares

Founded in 2017 by Kamesh Goyal, Digit offers insurance policies across verticals like health, motor vehicle, travel, property, and more. The startup is backed by marquee investors Fairfax, Peak XV, A91 Partners, among others.