GO DIGIT General Insurance Limited IPO Company Profile :
Go Digit General Insurance Limited, founded in 2016, is a leading digital general insurance company in India. They leverage technology to offer a variety of non-life insurance products, including car, bike, health, travel, property, and more. They focus on a customer-centric approach with a fully digital platform for buying and managing policies. The company has grown rapidly and is considered one of the top players in the Indian general insurance market.
GO DIGIT General Insurance Limited IPO Business Model:
- Digital-native underwriting and sales: Go Digit utilizes technology for innovative product design, distribution, and customer experience.
- Product variety and customization: They offer a range of insurance products (motor, health, travel, etc.) with customization options to fit individual needs and budgets.
- Simplified customer experience: They leverage user-friendly technology for purchasing policies, filing claims, and tracking their status.
- Tech-powered efficiency: In-house software streamlines underwriting and claims processing with data analysis for risk mitigation.
- Profitable business focus: Go Digit prioritizes underwriting profitable policies.
- Partner support: Technology empowers their network of partners.
- Conservative investment approach: They maintain a cautious strategy for managing investments.
GO DIGIT General Insurance Limited IPO Details:
| IPO Open Date | May 15, 2024 |
| IPO Close Date | May 17, 2024 |
| Listing Date | May 23, 2024 |
| Face Value | ₹ 10 per share |
| Price | ₹ 258 to ₹ 272 per share |
| Lot Size | 55 Shares |
| Issue Size | 96,126,686 shares (aggregating up to ₹2,614.65 Cr) |
| Fresh Issue | 41,360,294 shares (aggregating up to ₹1,125.00 Cr) |
| Offer for Sale | 54,766,392 shares of ₹10 (aggregating up to ₹1,489.65 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 75% of the Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
GO DIGIT General Insurance Limited IPO
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GO DIGIT General Insurance Limited IPO Profit & Loss Analysis:
| Particulars (in cr.) | FY-23 | FY-22 | FY-21 | CAGR |
| Revenue from operations | 389.45 | -2936.41 | -1185.49 | -169.0% |
| Other Income | 2.42 | |||
| Total Income | 391.87 | -2936.41 | -1185.49 | -169.1% |
| Total Expenses | 36.40 | 22.10 | 42.15 | |
| PBT | 355.47 | -2958.51 | -1227.64 | -166.2% |
| Total tax | 0.00 | 0.00 | 0.00 | |
| PAT | 355.47 | -2958.51 | -1227.64 | -166.2% |
GO DIGIT General Insurance Limited IPO Pre-Offer shareholding of the Selling Shareholders:
| S No. | Name of Shareholder | Number of Equity Shares | Percentage of total pre-Offer paid up Equity Share capital |
| 1 | Kamesh Goyal | NII | NA |
| 2 | Go Digit Infoworks Services Private Limited | 72,95,65,220 | 83.30% |
| 3 | Oben Ventures LLP | NIL | NA |
| 4 | FAL | NIL | NA |
| Total (A) | 72,95,65,220 | 83.30% | |
| 5 | Kanika Gupta | NIL | NA |
| 6 | Vaibhav Goval | NII | NA |
| 7 | Anushka Goyal | NIL | NA |
| 8 | Amrish Goyal | 26,666 | Negligible |
| 9 | Aadesh Goyal | 67,000 | 0.01% |
| 10 | Anjana Gupta | NIL | NA |
| 11 | Vivek Gupta | NIL | NA |
| 12 | Pooja Gupta | NIL | NA |
| 13 | Shippra Mittal | NIL | NA |
| 14 | Valueattics Reinsurance Limited | NIL | NA |
| 15 | Go Digit Life Insurance Limited (previously known as Go Digit Life Sciences Private Limited) | NIL | NA |
| 16 | Oben Enterprises LLP | NIL | NA |
| 17 | Fairfax Asia Limited | NIL | NA |
| 18 | ANT Success Company Limited | NIL | NA |
| 19 | Fairfax Financial Holdings Limited | NIL | NA |
| 20 | FFHL Group Ltd. | NIL | NA |
| 21 | Fairfax (Barbados) Intemational Corp. | NIL | NA |
| 22 | Thaifin Co Limited | NIL | NA |
| 23 | VFin Corporation Limited | NII | NA |
| 24 | Falcon Insurance Public Company Limited | NIL | NA |
| Total (B) | |||
| Total of Promoter & Promoter Group (A) + (B) | 93,666 | 0.01% | |
| 72,96,58,886 | 83.31% |
GO DIGIT General Insurance Limited IPO Strengths:
- Simple and Tailored Customer Experience:
- Focus on simplicity and transparency.
- Easy-to-understand, customizable products.
- High customer satisfaction (Net Promoter Score of 73.3% for non-claims & 93.1% for motor claims).
- Distribution Partners:
- Collaborative partnerships with agents, brokers, etc.
- Tailored customer journeys for each partner.
- Product design relevant to partners’ customer base.
- Aligned business processes with partners.
- Advanced Technology Platform:
- Efficient underwriting through technology.
- AI-powered analytics and human expertise.
- In-house micro services for various tasks.
- Cloud-based platform for agility and scalability.
- Predictive Underwriting Models:
- Predictive underwriting models for motor insurance.
- Granular risk assessment and loss prediction.
- Cost management and product tailoring based on data.
- Continuous product improvement through data feedback loop.
GO DIGIT General Insurance Limited IPO Risk factors:
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They have a track record of reporting losses and, they may not be able to maintain profitability in the future. Their limited operating history makes it difficult to accurately evaluate their future business prospects.
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They are required to meet the mandatory control level of solvency margin as prescribed under the Insurance Act and they could be subject to regulatory actions and could be forced to stop transacting any new business or change their business strategy which can slow down their growth.
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They have received cautions, warnings and show-cause notices from the IRDAI due to alleged non-compliance with various regulatory prescriptions in the past, and IRDAI has imposed penalties in certain cases, and they may be subject to such regulatory action in the future.
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They rely on motor vehicle insurance products for a substantial amount of their revenues and profitability. Any constraint on sale of these products due to future changes in regulation or customer preference, or any inability to maintain a profitable portfolio mix of products, could have a material adverse effect on their business, financial condition, results of operations and prospects.
Source: GO DIGIT General Insurance Limited DRAFT RED HERRING PROSPECTUS (DRHP)
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Check GO DIGIT General Insurance Limited IPO Allotment Status
GO DIGIT General Insurance Limited IPO allotment status would be available soon after the IPO closure date. Usually the allotment comes within a week from the closing date which in this IPO yet to be announced.
One can check the allotment on the given below link with PAN number or Application number or DP Client Id. All you need to do is to follow these steps:-
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GO DIGIT General Insurance Limited IPO
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GO DIGIT General Insurance Limited IPO Objects of the Offer:
The Company proposes to utilize the Net Proceeds towards:
- To undertake company’s existing business activities and
- To gain listing benefits.
GO DIGIT General Insurance Limited IPO FAQ
Ans. Go Digit IPO is a main-board IPO of 96,126,686 equity shares of the face value of ₹10 aggregating up to ₹2,614.65 Crores. The issue is priced at ₹258 to ₹272 per share. The minimum order quantity is 55 Shares.
The IPO opens on May 15, 2024, and closes on May 17, 2024.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Ans. The Go Digit IPO opens on May 15, 2024 and closes on May 17, 2024.
Ans. Go Digit IPO lot size is 55 Shares, and the minimum amount required is ₹14,960.
Ans. The Go Digit IPO listing date is on May 23, 2024.
Ans. The minimum lot size for this upcoming IPO is 55 shares.