Go Digit IPO Day 1: Check latest subscription, GMP

go digit ipo day 1: check latest subscription, gmp

Go Digit IPO Day 1: Check latest subscription, GMP

The initial public offering (IPO) of Go Digit has not been able to garner the attention of the investors after it opened for public issue on Wednesday looking to raise Rs 2,614.65 crore.

It saw an overall subscription of 0.35 times. The public issue subscribed 1.42 times in the retail category, and 0.34 times in the NII category, with the QIB category yet to bid by May 15, 4:43 PM.

Indian cricketer Virat Kohli and his wife, Bollywood actor Anushka Sharma, are shareholders in the company, according to the RHP.

The former India men's cricket team captain purchased 2,66,667 equity shares at Rs 75 per share, investing Rs 2 crore in February 2020.

Anushka Sharma acquired 66,667 equity shares at the same price, amounting to an investment of Rs 50 lakh in the company.

The celebrity couple is expected to see a substantial increase in their wealth, with returns of over 3.6 times.

Go Digit IPO latest GMP

The latest Grey Market Premium (GMP) for the Go Digit General Insurance IPO is Rs 32 as of May 15th, 2024 at 03:32 PM.

Given the IPO's price band of Rs 272, the estimated listing price of Go Digit General Insurance IPO is Rs 304 (upper price band + current GMP).

This translates to an expected percentage gain per share of 11.76%.

Should you subscribe?

A report from Master Capital Services Limited said that the company is continuously investing in technology to optimize customer experience and boost operating leverage.

"We recommend subscribing to this IPO, with a medium to long term perspective, given the huge growth and margin expansion potential," said Master Capital Services Limited.

"We believe that the valuation of the company is fairly priced and recommend a "Subscribe" rating to the IPO," said a report from Anand Rathi.

Go Digit IPO details

Go Digit General Insurance's promoters include Prem Watsa's Fairfax Group, Kamesh Goyal, GoDigit Infoworks Services, and Oben Ventures LLP.

The company has reduced its offer-for-sale (OFS) component to 5.47 crore equity shares from the previously proposed 10.94 crore shares.

Go Digit aims to raise a little over Rs 2,600 crore through its IPO, which will be open for subscription from May 15 to May 17.

The IPO is divided, with 75% reserved for qualified institutional bidders (QIBs), 15% for non-institutional investors, and 10% for retail investors.

The company achieved profitability in the financial year 2023-24, reporting a net profit of Rs 35.54 crore with a revenue of Rs 39.19 crore. For the nine months ending December 31, 2023, its net profit was Rs 129.02 crore with a revenue of Rs 130.83 crore.

The book running lead managers for the Go Digit IPO are ICICI Securities, Morgan Stanley India Company, Axis Capital, Nuvama Wealth Management, HDFC Bank, and IIFL Securities. Link Intime India is the registrar for the issue.

Shares of the company are set to be listed on both BSE and NSE, with a tentative listing date of Thursday, May 23.

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