Mumbai, May 23, 2024 — Shares of Go Digit General Insurance made a strong debut on the Bombay Stock Exchange (BSE) today, trading at Rs 296.70 at 10:08 IST, marking a 9.08% premium over the issue price of Rs 272.
The stock was listed at Rs 281.10, reflecting a 3.35% premium. It has since reached a high of Rs 297.50 and a low of Rs 281.10. So far, over 704,000 shares have been traded on the BSE.
Go Digit General Insurance’s initial public offering (IPO) was notably successful, being subscribed 9.60 times. The IPO opened on May 15, 2024, and closed on May 17, 2024, with a price band set between Rs 258 and Rs 272 per share. The offering included a fresh issue of equity shares worth Rs 1,125 crore and a sale of 54.766 lakh equity shares by existing shareholders.
The company plans to use the net proceeds from the fresh issue to maintain its solvency ratio by investing in instruments as per the IRDAI Actuarial & Allied Regulations, 2024.
Founded in December 2016, Go Digit General Insurance is a leading digital full-stack non-life insurance company in India, leveraging technology to enhance product design, distribution, and customer experience. As of the nine months ending December 31, 2023, Go Digit catered to approximately 82.5% or Rs 6,680 crore of the gross written premiums (GWPs) among digital full-stack insurance players, including Acko and Navi, making it the largest player in this segment in India.
Go Digit offers a diverse range of insurance products, including motor, health, travel, property, marine, and liability insurance, among others. The company’s business model is designed to minimize dependence on any single line of business.
For the nine months ended December 31, 2023, Go Digit General Insurance reported a net profit of Rs 129.02 crore and a total income of Rs 130.83 crore.
