Go Digit IPO: If you also want to invest in the stock market through IPO, then SEBI has given the green signal for the issue of another insurance company. SEBI has approved the IPO of Canadian billionaire Prem Watsa and Fairfax Group company Go Digit General Insurance.
The company has received approval to launch an IPO worth Rs 3500 crore, about one and a half years after the application. For this, the company had filed the application in August 2022. Veteran businessman Kamesh Goyal is also the promoter of Go Digit insurance company.
Virat Kohli also participated
Former captain of the Indian cricket team Virat Kohli has also invested in this company. This IPO is a big opportunity for the company to raise money from the market. The money raised from the IPO will be used by the company to expand its business and start new schemes.
Go Digit General Insurance is one of the fastest growing insurance companies in the country. Go Digit company sells different insurance products in the market including motor, health, travel and property insurance. After objection raised by SEBI in 2022, the company had to apply again for IPO of Rs 3,500 crore.
Financial profile of the company
The gross written premium of the company till December 2023 was Rs 7,317 crore. According to regulator filing, Go Digit recorded revenue of Rs 6,645 crore in the financial year 2024 till January 2024. There has been an increase of 32% in comparison to the same period last year. The company’s market share in non-life sector is 2.76%.
The company has suffered a loss of Rs 295.86 crore in 2021-22. Earlier in the year it was Rs 122.76 crore. Assets under management have increased by 68 percent to Rs 9393.88 crore in 2021-22.
Virat Kohli’s relationship with Digit Insurance
Apart from being the brand ambassador of Digit Insurance, former captain Virat Kohli is also an investor. Kamesh Goyal is the founder of the company. He started the company in 2017.
He used to lead the joint venture in India of German insurance company Allianz. Canadian billionaire Prem Vatsa’s Fairfax Group has also invested in Digit Insurance. According to the report of ENTRACKR, Virat Kohli and Anushka Sharma have invested Rs 2.5 crore in digital general insurance startup Digit Insurance.
