The Go Digit share price had a tepid start on the stock exchanges, opening at ₹286 on NSE and ₹281.10 on BSE. The subscription status on the last day was 9.60 times, with QIBs at 12.56 times, non-institutional investors at 7.24 times, and RIIs at 4.27 times.
Go Digit Share Price
Today, Go Digit’s share price had a modest start on the stock exchanges. The share price on the NSE opened at ₹286, reflecting a 5.15% increase from the issue price of ₹272. Similarly, on the BSE, the share price opened at ₹281.10 per share, up by 3.35% compared to the issue price.
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On the last day of the subscription period, Go Digit IPO had a subscription status of 9.60 times based on BSE data. The portion designated for qualified institutional buyers (QIBs) saw a subscription of 12.56 times, while the non-institutional investor category had 7.24 times the number of subscribers. Retail individual investors (RIIs) subscribed 4.27 times the allotted amount.
The Go Digit General Insurance IPO commenced on Wednesday, May 15, and concluded on Friday, May 17. Data from BSE indicates that 79% of the IPO was subscribed on the second day of bidding, and 36% was subscribed on the first day. Retail investors are allocated 10% of the issue size, non-institutional investors receive 15%, and qualified institutional investors are allotted around 75%.
The Red Herring Prospectus (RHP) describes the company as a prominent digital full stack provider of non-life insurance, focusing on innovative technology-driven approaches to the design, distribution, and customer experience of non-life insurance products. Key figures associated with the company are Kamesh Goyal, GoDigit Infoworks Services Private Limited, Oben Ventures LLP, and FAL Corporation. In 2020, Virat Kohli, a cricket star, invested ₹2 crore in the company for 2.67 lakh shares, while his wife, actress Anushka Sharma, invested ₹50 lakh through a private placement. Go Digit General Insurance Limited witnessed a significant increase in revenue by 113.35% and profit after tax (PAT) by 112.01% between March 31, 2022, and March 31, 2023.
The Go Digit General Insurance IPO includes an offer-for-sale (OFS) of 54,766,392 equity shares by the promoters and other selling shareholders, along with a fresh issue of ₹1,125 crore. The promoter selling shareholder, Go Digit Infoworks Services Private Ltd, plans to sell a maximum of 54,755,614 equity shares. Other selling shareholders Nikunj Hirendra Shah and Sohag Hirendra Shah aim to sell a maximum of 3,778 equity shares, while Nikita Mihir Vakharia and Mihir Atul Vakharia together aim to sell a maximum of 4,000 equity shares. Furthermore, Shanti Subramaniam and Subramaniam Vasudevan wish to sell a maximum of 3,000 equity shares.
The company plans to utilize its net earnings to back its standard business activities and the proposed projects financed by these profits. Additionally, the company foresees advantages from listing its equity shares on stock markets, expecting enhanced brand recognition and reputation with existing and prospective customers.
Today’s Go Digit IPO GMP is +8, reflecting a ₹8 premium in the grey market for Go Digit shares, as reported by investorgain.com. Considering the upper end of the IPO pricing range and the current grey market premium, it is anticipated that Go Digit’s shares will debut at ₹280 per share, a 2.94% increase from the IPO price of ₹272. A “grey market premium” indicates investors’ readiness to pay more than the issue price.
