Go Digit IPO GMP Falls Again Even As Subscriptions Reach 6.14x

On May 17, the final day of subscription, Go Digit General Insurance has been subscribed 6.14 times. The IPO, which aims to raise ₹2,614.65 crore, consists of a fresh issue of 4.14 crore shares and an offer for sale of 5.48 crore shares. The price band for the IPO is set between ₹258 to ₹272 per share, with a minimum lot size of 55 shares for retail investors.

Go Digit IPO Subscription Status

As of Friday afternoon, the Go Digit IPO has been subscribed 6.14 times. The Qualified Institutional Buyers (QIBs) category has seen a subscription of 8.41 times, while the Non-Institutional Investors (NIIs) category has been subscribed 3.28 times. The Retail Individual Investors (RIIs) category has been subscribed 3.59 times.

The IPO’s allocation structure reserves up to 50% of the shares for QIBs, a minimum of 15% for NIIs, and at least 35% for retail investors.

Go Digit IPO GMP

See Also: Reliances Viacom18 Star India Inch Closer To Merger As Nclt Initiates Process

The Go Digit IPO GMP currently stands at ₹9, a significant drop from the ₹47 reported earlier when the IPO opened. Considering the upper price band of the IPO, the stock is expected to list at ₹281, indicating a potential gain of approximately 3% on listing. However, it is important to remember that while GMPs can provide some insight into market sentiment, they are not always a reliable predictor of a stock’s performance upon listing.

Go Digit IPO Details

Go Digit intends to utilize the net proceeds for various purposes including the repayment of existing borrowings, funding working capital needs, and supporting general corporate requirements. The company has successfully secured ₹1,176 crores from 56 anchor investors, featuring prominent names like Fidelity, Abu Dhabi Investment Authority (ADIA), and hedge fund Bay Pond Partners. Scheduled for listing on both the BSE and NSE on May 23, 2024.

About Go Digit

Founded in December 2016, Go Digit General Insurance Limited is an insurance provider offering an array of products tailored to meet diverse needs. Their offerings span motor, health, travel, property, marine, liability insurance, and more, with customisable options. As of December 31, 2023, the company boasted an extensive network comprising approximately 61,972 partners, encompassing 58,532 POSPs and other agents. With distribution centres strategically located across 24 states and union territories in India, Go Digit has established a robust presence to cater to the insurance needs of a wide-ranging clientele.

Read Next: Crompton Greaves Shares Rally 16 To Hit 52-Week High On Strong Quarterly Results