Fairfax, Virat Kohli-Backed Go Digit Files For IPO
The full-stack insurance company may sell shares worth Rs 250 crore in a pre-IPO placement.
Insurtech startup Go Digit General Insurance has filed its draft red herring prospectus with the market regulator, seeking its nod to go public.
The startup, backed by Canadian billionaire Prem Wasta's Fairfax Financial Holdings and cricketer Virat Kohli, will see a combination of fresh issue of shares and an offer-for-sale in its initial public offering.
The Bengaluru-headquartered insurtech will sell as many as 10.9 crore shares in the OFS portion and issue new stock worth Rs 1,250 crore, according to its draft red herring prospectus.
The full-stack insurance company may also sell shares worth Rs 250 crore in a pre-IPO placement. If the pre-IPO issue happens, share sales in the IPO will be lower.
ICICI Securities, Morgan Stanley India, Axis Capital, Edelweiss Financial Services, HDFC Bank and IIFL Securities are the book-running lead managers for the issue.
Go Digit was last valued at around $4 billion or Rs 31,700 crore when it raised funding in May this year, according to Reuters.