Go Digit IPO: Issue booked 9.6 times on final day, QIBs lead

Go Digit IPO price band is set at Rs 258 to Rs 272 per share.

Go Digit General Insurance's initial public offer (IPO) continued to witness robust subscription figures on the final day of bidding on May 17 as the issue was subscribed 9.6 times. The offer received bids for 50.76 crore shares against 5.28 crore shares.

The Rs 2,614.65-crore IPO is a mix of a fresh issue of 4.14 crore shares worth Rs 1,125 crore and an offer for sale of 5.48 crore shares worth Rs 1,489.65 crore.

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The public issue was subscribed 4.27 times in the retail category. Non-institutional investors bought 7.24 times their allotted quota. The portion for qualified institutional buyers (QIBs) was booked 12.56 times their portion, exchange data showed.

A day before the issue opened on May 14, the insurance technology company backed by Fairfax secured approximately Rs 1,176 crore from anchor investors, which include Fidelity, Abu Dhabi Investment Authority (ADIA), and hedge fund Bay Pond Partners. Allocating 4.32 crore equity shares to 56 funds at Rs 272 each, the company priced them at the upper end of the price band.

Go Digit plans to utilise the net proceeds to support its current business operations and finance the proposed activities identified for funding. Additionally, the company anticipates that listing its equity shares on the stock exchanges will enhance its visibility and brand image among both existing and potential customers.

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