NEW DELHI Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, has filed for an original public immolation, papers submitted to the request controller showed on Tuesday, Reuters reported.
The insurance company intends to raise up to Rs 1,250 crore via the fresh issue and offer 109,445,561 shares in the offer for trade, shows data available on ICICI Securities NSE 6.82%’ website.
The total IPO is likely to be worth Rs 3,500 crore ($440 million), according to a person with direct knowledge of the matter, said Reuters. Digit Insurance declined to note on the IPO’s size, it added.
Go Digit General Insurance is a digital full- mound insurance company. It offers motor insurance, health insurance, trip insurance, property insurance, marine insurance, liability insurance and other insurance products.
The company caters to roughly 82.9 per cent of the gross written decorations (GWP) written by digital full- mound insurance players at Rs 5,268 crore in FY22, making it the largest digital full- mound insurance player in India, according to the RedSeer Report.
As per the DRHP, dealing holders in the OFS included Go Digit Infoworks Services (109,434,783 over to shares), Nikita Mihir Vakharia, concertedly with Mihir Atul Vakharia( over to 4,000 shares), Nikunj Hirendra Shah, concertedly with Sohag Hirendra Shah( over to 3,778 shares) and Subramaniam Vasudevan, concertedly with Shanti Subramaniam( over to 3,000 shares).
The insurance company grew at 52.9 per cent CAGR over FY20- 22. With 2,568 workers as of March 31, 2022, and 1,936 workers as of March 31, 2021, its GWP per hand stood at Rs 2.34 crore FY22 compared with Rs 1.6-2.1 crore for non-life insurance companies in India.
The BRLMs of the issue include ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss Financial Services NSE 6.28%, HDFC Bank NSE-0.08%, and IIFL Securities NSE 2.01%. Registrar to the offer is Link Intime India.
About Go Digit
- Insurance is complicated,
- we’re here to simplify it.
- Let’s talk about bread!
The way we know it today, sliced form, was not how it was a century ago. It had to be knifed, torn, or bitten-off from the loaf itself. Complicated, right? Especially now that you can easily toast a slice. Pop, so simple!
But why are we talking about bread? Because insurance today is very much like that unsliced loaf of bread; cumbersome and unnecessarily complicated. Most consumers have a lack of understanding of what product is right for them, and claim settlement is a long, tedious process where paperwork and fine print make the entire experience unpleasant. Aargh, someone get us a knife here!
We’re simplifying insurance products so that even a 15-year-old can comprehend them.
We believe this can be changed; the way insurance products are viewed, purchased, and claimed. Simply put, we are here ‘To Make Insurance Simple.’
With that as our mission, we are reimagining products, and redesigning processes. We are going back to the basics and building simple and transparent insurance solutions that matter to people.