Go Digit General Insurance, which is backed by Canadian billionaire Prem Watsa's Fairfax Group, on Tuesday, filed draft papers with the market regulator Securities Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
The proposed IPO is a mix of fresh issue and offer for sale (OFS). Cricketer Virat Kohli is an investor and brand ambassador of the company.
As per the Draft Red Herring Prospectus (DRHP) submitted by the company with the market regulator SEBI, Go Digit General Insurance intends to raise up to Rs 1,250 crore via the fresh issue and offer 109,445,561 shares in the offer for sale.
The offer for sale (OFS) includes Go Digit Infoworks Services (up to 109,434,783 shares), Nikita Mihir Vakharia, jointly with Mihir Atul Vakharia (up to 4,000 shares), Nikunj Hirendra Shah, jointly with Sohag Hirendra Shah (up to 3,778 shares) and Subramaniam Vasudevan, jointly with Shanti Subramaniam (up to 3,000 shares), as per the draft paper.
According to sources, the company plans to sell around Rs 250 crore worth of shares in a pre-IPO placement. If the pre-IPO happens, the share sale in the IPO will be lower.
Go Digit General Insurance Limited is a digital full-stack general insurance firm. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
( With inputs from ANI )
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