Go Digit IPO: 79% of the issue booked on day 2

17 May 2024 , 08:14 AM

Retail investors reacted to the Go Digit IPO with great enthusiasm on day two of subscription. On the second day of bidding on Thursday, Bids were received for 79% of the Go Digit General Insurance IPO.

A total of 2.54 times subscriptions were made for the Retail Individual Investors (RIIs) portion, and 73% of the non-institutional investors portion was subscribed. The BSE data indicates that 24% of subscriptions were obtained from qualified institutional buyers (QIBs).

Retail investors showed a great deal of interest in the Go Digit General Insurance IPO, and the portion was fully booked within a few hours of its launch. The IPO was met with a gradual but steady response from non-institutional investors. According to BSE data, 36% of subscribers to the Go Digit General Insurance IPO signed up on the first day.

Retail individual investors obtained 1.44 times the number of subscriptions as the non-institutional investors category, which accounted for 34% of the total.

Go Digit General Insurance Ltd., supported by Fairfax Group in Canada, raised little over ₹1,176 Crore from anchor investors. The corporation has allotted 4.32 crore equity shares, priced at the high end of the pricing band, to 56 funds, according to a circular that was released late on Tuesday.

10% of the issue is designated for retail investors and about 75% of the issue size has been allotted to Qualified Institutional Investors, with the remaining 15% going to Non-Institutional Investors

Go Digit provides a range of insurance options, such as liability, health, travel, property, marine, and vehicle insurance, to satisfy the demands of its clients.

The company has created API links with multiple channel partners and is one of the first in India's non-life insurance industry to operate exclusively on cloud computing.

Each equity share in the issuance has a face value of ₹10 and is priced within the range of ₹258 to ₹272.

The lot size for the initial public offering is 55 equity shares, and there will be additional multiples of 55 equity shares.

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