Go Digit IPO Opens On 15 May To Raise Rs 2,614 Cr; Virushka To Make Bumper Returns
The public bids open on 15 May will close on 17 May followed by allotment on 21 May. Subsequently, the IPO will list on BSE and NSE on 23 May
Virat Kohli and Anushka Sharma Funded insurer, Go Digit is set to go live to accept public bids for its initial public offering (IPO) from 15 May in an attempt to raise Rs 2,614.65 crore.
The public bids opened on 15 May will close on 17 May followed by allotment on 21 May. Subsequently, the IPO will list on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 23 May.
The Go Digit Rs 2,615.65 crore IPO consists of a fresh issue of shares worth Rs 1,125 crore and an offer-for-sale (OFS) of Rs 1,489 crore with a price band of Rs 258 to Rs 278 per share.
ICICI Securities, Morgan Stanley India, Axis Capital, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book running lead managers, while Link Intime India is the registrar to the issue.
IPO Objectives
The company proposed to utilise net proceeds of Rs 1,125 crore to undertake its existing business activities. Additionally, the insurer expects that public listing will enhance its visibility and brand image among its existing and potential customers. The proceeds will also fulfil the general corporate purposes.
Firm’s Financials
The firm registered revenue of Rs 39.19 crore in FY23, compared to Rs 293.64 crore loss in FY22. The firm’s profit after tax (PAT) increased to Rs 35.54 crore in FY23 compared to Rs 295 crore loss in FY22. Overall, revenue and PAT increased by 113.35 per cent and 112 per cent respectively.
Virushka Investment
Star couple Virat Kohli and Anushka Sharma are on track to make a substantial profit of 271 per cent as Bengaluru-based insurance startup Go Digit prepares for its initial public offering (IPO) next week.
Their investment in Go Digit, which totals Rs 2.5 crore, is expected to yield a notional profit of Rs 6.75 crore as the company goes public with an upper price band set at Rs 278 per share, according to a media report.
In January 2020, Kohli purchased 266,667 shares of Go Digit at Rs 75 per share, amounting to an investment of approximately Rs 2 crore.
Promoter Go Digit Infoworks and other existing shareholders are offloading stakes in the IPO, while Kohli and Sharma will remain investors.
Reservation
Investors can bid for a maximum of 55 equity shares and in multiples of 55 shares thereafter. Qualified institutional buyers (QIB) will get 75 per cent allocation in the IPO, whereas non- institutional investors, and retail investors will share 15 per cent and 10 per cent reservation in the issue.
