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GO DIGIT IPO Review: Key Facts
- GO DIGIT is known for its simplification of insurance documents so that everyone including a 15-year-old kid can understand it.
- The unique selling point of this insurance company is the documents are available online, and easily accessible and a user can log into the platform to buy, and settle claims online.
- The company refiled the Draft Red Herring Prospectus (GO DIGIT DRHP) on March 30, 2023
- Go digit IPO is opening on: – May 15, 2024 to May 17, 2024
- As of 31st December 2023, the shareholding pattern is: Promoters holding 83.3% and investors holding – Indian investors 12.8% and foreign investors 3.8%.
- During the offer for sale, only promoters are selling a part of their stake. No investors are selling during this issue.
- Go Digit IPO consists of a fresh issue of Equity Shares aggregating up to ₹1,125 Crore and an offer for sale of 54,766,392 shares (₹ 1,412.97 – 1,451.31 crore)
- Go Digit IPO face value: Rs 10
- Crisil the credit rating agency has rated this company with a stable outlook and given an A+/Stable rating
- Strong growth potential for this business in India despite high competition.
- I would invest in the company during the IPO process.
The net proceeds from this IPO from the Fresh Issue will be utilized towards the maintenance of the solvency ratio as required under Section 64VA of the Insurance Act.
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GO DIGIT Insurance IPO Details
| GO DIGIT Insurance IPO Details | Go Digit IPO Details date, Price and other |
| Go Digit IPO date | May 15, 2024 to May 17, 2024 |
| Go Digit IPO Price band | ₹258 to ₹265 per share |
| IPO date of allotment | May 21, 2024 |
| Refunds Initiation date | May 22, 2024 |
| Credit of Shares to Demat Account | May 22, 2024 |
| Go Digit IPO date of listing | May 23, 2024 |
| Total IPO size | ₹ 2,776 Crore |
| Fresh Issue | ₹ 1,125 Crore |
| Offer for Sale | 54,766,392 shares (₹ 1,412.97 – 1,451.31 crore) |
| Retail Allocation | 10% |
| Go Digit share price Face Value | ₹ 10 per share |
| Go Digit share price Listing on | BSE & NSE |
| Equity Shares outstanding prior to the Offer | 874,017,893 Equity Shares |
Now the big question is – do you invest in the Go Digit Insurance IPO? Let us find out details about the company and why you should consider investing in this company.
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GO DIGIT IPO Good or Bad?
Let us see what the company’s business is.
Go Digit is a leading digital insurance company in India. The company owns approximately 82.9% of Gross Written Premiums (GWP) written by the Indian digital insurance players. Go Digit is one of the top 10 general insurance companies in India.
Go Digit claimed to be a fully digital insurance company. The customers will have a completely digital experience with all the services from purchasing insurance to claim settlements simplified through digital. The company is aiming to make insurance more accessible and user-friendly to its customers.
Go Digit platform is a combination of insurance and technology solutions. Customers can find all types of customized insurance solutions in non-life insurance products. The platform helps the customer to enroll, claims processing, underwriting, policy administration, data insights, and fraud detection, all in one place in the comfort of home.
With Go digit IPO review let us discuss if the Go digit IPO good or bad.
What is Go Digit Insurance IPO’s Business?
The company operates in all the products related to non-life insurance areas such as motor insurance, home insurance, health insurance, shop insurance, and travel insurance. In motor insurance, the company covers the vehicle including car, bike, auto, and truck insurance.
The company also ventured into life insurance segment in India.
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GO DIGIT Financial Strength
The company has a track record of growth in Gross Written Premium (GWP) and profits. During FY 2023, the GWP grew by 37.5% from ₹ 5,268 crore in March 2022 to ₹ 7,243 Crore in March 2023. The profit after tax became positive to reach ₹ 36 crore in March 2023 from a loss of ₹296 crore in March 2022.
The net worth of the company has also increased from ₹1,867 crores in March 2022 to ₹2,325 crores in March 2023.
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Objective Behind the GO DIGIT IPO
- The company will not receive any proceeds from the Offer for sale. Government of India, the promoter of the company will take the net proceeds from the OFS.
- The net proceeds from this IPO from the Fresh Issue will be utilized towards the maintenance of the solvency ratio as required under Section 64VA of the Insurance Act.
- The company will achieve the benefits of listing Equity Shares on exchanges.
- This will also enhance the visibility and brand image of the company as well as provide a public market for Equity Shares in India.
Go Digit Pre IPO Share Price
Go Digit Pre IPO share price is trading at Rs 354 at a face value of Rs 10 and market capitalization of Rs30.940.23 Crore under the General Insurance category in the wwipl platform. As per this site, the EPS of the company is Rs 0.407, the PE ratio is 869.7, the P/BV is 9.5 and the Book Value is Rs 37.27. As per the Planify platform the Go Digit Pre IPO share price is trading at Rs 314.
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GO DIGIT Insurance IPO GMP
| Date – GO DIGIT Insurance IPO GMP | IPO Price | GMP | Estimated Listing Price |
|---|---|---|---|
| 09-05-2024 | ₹265 | ₹50 | ₹315 |
| ₹ – | ₹ | ₹ – | |
| – | ₹ – | ₹ – | ₹ – |
Go Digit Insurance IPO Competitors
The competitors of the Go Digit insurance IPO are
- Star Health and Allied Insurance Company Ltd.
- ICICI Lombard General Insurance Company Ltd.
- New India Assurance
- General Insurance Corporation of India Limited
- Reliance General Insurance Company
GO DIGIT IPO review: Do you invest?
While doing Go digit IPO review, I found below points that will help you.
- The company is one of the fastest-growing general insurance companies in India with a reported growth rate of over 30% in terms of revenue in FY2023.
- Go Digit is claiming to be the customer’s first preference with 35.33 million Indians trusting the company for their insurance requirements.
- The General insurance industry premium grew from ₹ 220,700 crore in FY 2022 to ₹ 256,912 crore in FY 2023, a growth of 16.4%.
- During the same time, Go Digit’s gross written premium grew from ₹ 5,268 crore in FY 2022 to ₹ 7,243 crore in FY 2023.
- The market share of the Company stood at 2.8% in FY 2023.
- In the Google and Facebook App, Go Digit App is rated at 4.8 and 4.9 out of 5 respectively
- Considering the above factors GO DIGIT is a strong company to invest in.
- I would like to invest in its IPO both for listing gain and long-term investment.
Frequently Asked Questions (FAQs)
GO DIGIT Filed DRHP?
Yes, here is the GO DIGIT IPO DRHP on March 30, 2023, to float its Initial public offering consisting of fresh issues and OFS.
Who are the shareholders of Go Digit Insurance?
Go Digit has 8 institutional investors including Fairfax Financial holdings, TVS Capital funds, and India Infoline. Virat Kohli and Anushka Sharma are also angel investors in the company.
Who is the promoter of Go Digit Insurance?
The promoters of Go Digit General Insurance Company are
1. Kamesh Goyal;
2. Go Digit Infoworks Services Private Limited;
3. Oben Ventures LLP; and
4. FAL Corporation.
Where is Go Digit HQ
GO DIGIT’s Registered is in 1 to 6 Floor, Ananta One, Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivajinagar, Pune-411005, Maharashtra, India
Go Digits Corporate office is in Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095, Karnataka, India
How can I Apply for GO DIGIT IPO?
If you are interested in investing in GO DIGIT’s IPO, you will need to open a demat account and trading account with a broker. You can then apply for shares during the book-building process.
When is the Go Digit Insurance IPO date?
The GO DIGIT IPO date is May 15, 2024 to May 17, 2024.
What is the GO DIGIT IPO Price Band?
The GO DIGIT IPO Price is ₹258 to ₹265 per share
What are the risks of investing in GO DIGIT’s IPO?
As with any investment, there are risks associated with investing in GO DIGIT’s IPO. These risks include:
1. The price of the shares may fall after the IPO.
2. The company may not perform as well as expected.
3. The company may face regulatory or legal challenges
4. Please refer to go digit IPO details
What is the listing date?
The listing date of go digit IPO is May 23, 2024.
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