Go Digit Shares Close 24.65% Higher On Debut On BSE
The insurance company's initial public offering was subscribed to 9.60 times, with institutional investors leading demand.
Shares of Go Digit General Insurance Ltd. listed at Rs 286 apiece on the National Stock Exchange, a premium of 5.15% over their IPO price of Rs 272 apiece. On the BSE, the stock debuted at Rs 281, a 3.35% premium.
The stocks closed higher on their debut day. On the BSE it closed 24.65% higher from the opening price and it was 33.75% above the IPO price. On the NSE the stock closed 6.87% higher.
The insurance company's initial public offering was subscribed to 9.60 times on the final day of bidding, led by institutional investors.
The startup's Rs 2,600 crore IPO consisted of a fresh issue of equity shares with a face value of Rs 10 each, aggregating up to Rs 1,125 crore. The offer-for-sale portion is worth Rs 1,489.6 crore at the upper end of the price band of Rs 258–272 per share.
The Pune-based company aims to use the net proceeds towards the maintenance of its solvency ratio.
Business
Go Digit General Insurance offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customise to meet their needs.
The insurer currently has launched a total of 74 active products across all its business lines. Its distribution footprint stood across 24 of the 36 states and union territories in the country as of Dec. 31, 2023. It also has relationships with approximately 61,972 key distribution partners.
The company also offers products directly to customers through their website and web aggregators.
