Go Digit raises Rs 1,176 crore from anchor investors in pre-IPO fundraise

According to the report titled State of the Fintech Union 2024, “only 40-60% of fintech founders feel fully prepared in terms of profitability, leadership, and governance—critical factors for a successful IPO.”

Go Digit has raised about Rs 1,176 crore in its follow-on public offering from 56 anchor investors including Fidelity, Abu Dhabi Investment Authority (ADIA) and hedge fund Bay Pond Partners.

The company allotted 4.32 crore shares at Rs 272 apiece to 56 anchor investors, as per exchange filings on May 14 evening.

This included the American multinational Fidelity Investments-backed fund which got the highest allocation of 7.95 percent, followed by Goldman Sachs Funds (5.31 percent), ADIA (5.31 percent), Custody Bank of Japan (4.25 percent) and Bay Pond Partners (4.11 percent).

ALSO READ: Go Digit's Kamesh Goyal says, 'We took investor feedback to decide the IPO price, hope to give them value'

Of the total allocation to anchor investors, 1.44 crore equity shares (33.51 percent) were given to eleven domestic mutual funds through 23 schemes, the company said.

Fairfax Group-backed Go Digit General Insurance is tapping the primary market with its Rs 2,614.65-crore initial public offer (IPO). The issue is a mix of 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.

The IPO will open for subscription on May 15, 2024 and close on May 17, 2024.

The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale (OFS) of up to 5.47 crore shares. Under the OFS, promoter Go Digit Infoworks and other existing shareholders will offload their stake in the company.