Go Digit raised ₹1,176 Crore from anchor book ahead IPO

15 May 2024 , 09:23 AM

Go Digit has raised approximately ₹1,176 Crore in its public offering, with participation from 56 anchor investors, including prominent names such as Fidelity, Abu Dhabi Investment Authority (ADIA), and hedge fund Bay Pond Partners.

According to exchange filings on May 14 evening, the company allotted 4.32 Crore shares at ₹272 apiece to these anchor investors.

Among the anchor investors, Fidelity Investments-backed fund received the highest allocation, accounting for 7.95%, followed by Goldman Sachs Funds (5.31%), ADIA (5.31%), Custody Bank of Japan (4.25%), and Bay Pond Partners (4.11%).

Of the total allocation to anchor investors, 1.44 Crore equity shares, constituting 33.51%, were assigned to eleven domestic mutual funds through 23 schemes, as disclosed by the company.

Go Digit General Insurance, backed by the Fairfax Group, is making its debut in the primary market with an initial public offer (IPO) worth ₹2,614.65 Crore. The IPO comprises a fresh issue of 4.14 Crore shares worth ₹1,125 Crore and an offer for sale of 5.48 Crore shares worth ₹1,489.65 Crore.

The IPO, which commenced on May 14, 2024, will remain open for subscription until May 17, 2024.

The fresh equity issue of ₹1,125 Crore and the offer for sale (OFS) of up to 5.47 Crore shares constitute the structure of the IPO. Promoter Go Digit Infoworks and other existing shareholders will divest their stake in the company through the OFS.