Mumbai: Go Digit General Insurance Limited has launched its IPO at Rs 258 and Rs 272 per equity share, aggregating Total Rs 2,615 crore and opening on May 15, 2024 with closing on May 17, 2024.
The proceeds from the Equity Shares, which will be listed on BSE and NSE, are proposed to be utilised for augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.
Kamesh Goyal, Chairman, Go Digit General Insurance Ltd, told media here recently that the company had a distribution footprint in 24 out of 36 states and union territories with 75 offices and 61,900 distribution partners.
“Non-motor insurance brings us more business than motor insurance, and Health insurance is the fastest-growing business for us in the last three years,” he said, adding “We also do Cyber-Insurance and continue to learn from the best people in India.”
“However, customers seek speedy claim settlement and while our market share is three percent, it is highlighting area for improvement where we believe that, in 20 seconds, a human being should answer a call,” he said.
Go Digit is an end-to-end digital capability company with digital-first approach across customer insurance value chain. It offers insurance in sectors like motors, travel, property, health, marine, liability and others products. For the nine months ended December 31, 2023, motor insurance contributed 61.15% of the GWP.
The company has an established track record of delivering growth with GWP increasing from Rs 5,267.63 crore in FY2022 to Rs 7,242.99 crore in FY2023.
ICICI Securities Ltd, Morgan Stanley India Company Private Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Limited, Nuvama Wealth Management Limited and Link Intime India Private Limited is the registrar to the Offer.
