Go Digit IPO booked 79% on day 2, retail investors steal the show; details here

The portion for Retail Individual Investors (RIIs) got subscribed 2.54 times and that of non-institutional investors received 73% subscription. The qualified institutional buyers (QIBs) fetched 24% subscription, as per BSE data.

The Go Digit General Insurance IPO received a tremendous amount of interest from retail investors, and within a few hours of its launch, the portion was completely booked. Non-institutional investors responded to the IPO steadily but slowly. Go Digit General Insurance IPO subscription status is 36%, as per BSE data, on the first day.

Also Read: Go Digit IPO day 2: GMP, subscription status, price to review. Should you apply to this Virushka-backed IPO?

While the non-institutional investors category garnered 34% of the subscriptions, the retail individual investors quota received 1.44 times subscription.

Backed by Fairfax Group in Canada, Go Digit General Insurance Ltd raised slightly more than 1,176 crore from anchor investors. A circular released late on Tuesday stated that the company has allotted 4.32 crore equity shares, priced at the top end of the price band, to 56 funds.

The firm’s investors include cricketer Virat Kohli, his wife, and actress Anushka Sharma. They are not selling any shares in the IPO.

Also Read: Virat Kohli, Anushka-backed Go Digit IPO opens. How much celebrity couple earn?

10% has been set aside for The price band for the issue is set at Retail investors, 15% for non-institutional investors, and about 75% of the issue size has been allocated to qualified institutional investors.

To meet its customers’ needs, Go Digit offers a variety of insurance solutions, including liability, health, travel, property, marine, and auto insurance.

The company is among the pioneers in India’s non-life insurance sector to function solely through cloud computing, and it has established API connections with several channel partners.

The issue’s price band has been set at 258 to 272 for each equity share, with a face value of 10. 

55 equity shares make up the lot size for the initial public offering, and there will be further multiples of 55 equity shares.

Go Digit General Insurance IPO, which opened yesterday (Wednesday, May 15) for subscription and will close tomorrow (Friday, May 17).

Also Read: Go Digit General Insurance Limited IPO: 10 key risks investors should know before subscribing to the issue

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Go Digit IPO details.

Go Digit IPO subscription status live

Go Digit General Insurance IPO has received bids for 4,17,43,735 shares against 5,28,69,677 shares on offer, according to data from the BSE.

The retail investors’ segment received bids for 2,44,04,270 shares against 96,12,668 shares on offer for this segment.

The NIIs portion got bids for 1,04,80,690 shares against 1,44,19,002 on offer for this segment.

The QIBs segment got bids for 68,65,980 shares against 2,88,38,007 on offer for this segment.

Also Read: Go Digit IPO: Issue subscribed 36% on day 1, retail portion fully booked; check GMP

Go Digit IPO details

The Go Digit General Insurance IPO consists of an offer-for-sale (OFS) of 54,766,392 equity shares by the promoters and other selling shareholders, together with a fresh issue of 1,125 crore.

The company will use the net proceeds to support both the company’s regular commercial operations and the projects that are suggested to be funded by the net profits. The firm anticipates benefits from the equity share listing on stock exchanges as well, believing that this would improve its brand awareness and reputation among current and future consumers.

The book running lead managers of the Go Digit IPO are ICICI Securities Limited, Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, HDFC Bank Limited, Iifl Securities Ltd, and Nuvama Wealth Management Limited, with Link Intime India Private Ltd serving as the issue’s registrar.

Also Read: Go Digit IPO Day 2: From financials to key risks, here are 10 things to know from RHP before subscribing

Go Digit General Insurance IPO GMP today

Go Digit IPO GMP today is +7. This indicates Go Digit share price were trading at a premium of 7 in the grey market, according to investorgain.com.

Based on last 8 sessions grey market activities, today IPO GMP points downward and expects to drop more. The lowest GMP is 7, while the highest GMP is 70, according to investorgain.com analysts.

Once the top end of the IPO pricing range and the existing premium on the grey market are taken into consideration, shares of Go Digit are anticipated to list at a price of 279 per share, which is 2.57% more than the IPO price of 272.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 16 May 2024, 05:09 PM IST

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