Go Digit General Insurance Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹272
Per ShareLot Size
55 Shares
Minimum Investment
₹14,960
Issue Size
₹2,614.65 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Go Digit General Insurance Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
83.3%
Issue Type
Book Building
ISIN
INE03JT01014
About the Company
Go Digit General Insurance Limited is one of the leading digital full stack insurance companies, leveraging its technology to power what it believes to be an innovative approach to product design, distribution, and customer experience for non-life insurance products. Digital full stack insurance companies are licensed insurance operators or companies that have end-to-end digital capabilities and a digital first approach across customers' insurance value chain. According to the RedSeer Report (page 35) which has been commissioned and paid for by our Company exclusively in connection with the Offer, in the nine months ended December 31, 2023 and Financial Year 2023, our Company catered for approximately 82.5% (equating to Rs. 66.80 billion) and 82.1% (equating to Rs. 72.43 billion), respectively, of the GWPs written by these digital full stack insurance players which, in addition to the company, includes Acko and Navi, making it the largest digital full stack insurance player in India, according to the RedSeer Report (page 33) which has been commissioned and paid for by the Company exclusively in connection with the Offer. The Company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs. In the nine months ended December 31, 2023, our motor, liability, property and engineering, health (excluding travel and personal accident), other (including mobile), personal accident and travel insurance products contributed to 61.1%, 1.7%, 11.4%, 14.9%, 7.0%, 3.6% and 0.3% of its GWP, respectively.
Industry Overview
According to the IRDAI and RedSeer Report (page 14) which has been commissioned and paid for by our Company exclusively in connection with the Offer, the Indian non-life insurance contributed around US$33.30 billion in GWP in Financial Year 2023, showing a CAGR of 11.2% from Financial Year 2018 to Financial Year 2023 and a CAGR of 13.6% from Financial Year 2021 to Financial Year 2023. It is estimated that, as of nine months ended December 31, 2023, non-life insurance contributed around US$27.50 billion in GWP from US$24.60 billion in GWP for the nine months ended December 31, 2022, indicating positive growth momentum, according to RedSeer Report (page 14) which has been commissioned and paid for by the Company exclusively in connection with the Offer.
Company History
Go Digit General Insurance Limited was incorporated as `Oben General Insurance Limited' at Pune, Maharashtra, under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 7, 2016, issued by the Registrar of Companies, Maharashtra at Pune ("RoC"). Subsequently, pursuant to a resolution of its Board dated May 23, 2017 and a resolution of its Shareholders dated May 23, 2017, the name of the Company was changed from `Oben General Insurance Limited' to `Go Digit General Insurance Limited', and a fresh certificate of incorporation under the Companies Act, 2013 was issued by the RoC on June 12, 2017.
Products & Services
- Go Digit General Insurance Ltd is one of the leading digital full stack insurance companies, leveraging its technology to power what it believes to be an innovative approach to product design, dist., customer experience for non-life insurance Products.
Growth Strategy
- Be known as a leader in customer service.
- Acquire new customers across its current products in the Indian non-life insurance market.
- Grow its product portfolio to meet Indian market needs and drive further adoption across its product suite.
- Expand into new geographies within India.
- Optimize customer experience and boost operating leverage through continued investment in technology.
- Drive more accurate pricing in the insurance industry.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 96,126,686 equity shares** of face value of Rs. 10 each (Equity Shares") of Go Digit General Insurance Iimited (the "Company" or the "Issuer") for cash at a price of Rs. 272 per equity share (including a share premium of Rs. 262 per equity share) ("Offer Price") aggregating to Rs. 2614.65 crores** (the "Offer") comprising a fresh issue of 41,360,294 equity shares** aggregating to Rs. 1125.00 crores** by the company (the "Fresh Issue") and an offer for sale of 54,766,392 equity shares** aggregating to Rs. 1489.65 crores** by the selling shareholders referred to in annexure a (the "Offer for Sale"). The offer constituted 10.48% of our post-offer paid-up equity share capital. The offer price is 27.2 times the face value of the equity shares. **Subject to finalization of basis of allotment
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Simple and Tailored Customer Experience.
- Its Focus on Empowering its Distribution Partners.
- Predictive Underwriting Models.
- Advanced Technology Platform.
- A nimble organization with a skilled and experienced management team.
- The company has a track record of reporting losses and, its may not be able to maintain profitability in the future. Its limited operating history makes it difficult to accurately evaluate its future business prospects.
- Its loss reserves are based on estimates as to future claims liabilities and if they prove inadequate, it could lead to further increases in reserves and materially adversely affect its results of operations.
- The company is required to meet the mandatory control level of solvency margin as prescribed under the Insurance Act and the company could be subject to regulatory actions and could be forced to stop transacting any new business or change its business strategy which can slow down the companay's growth.
- Catastrophic events, including natural disasters, terrorist attack or nuclear disaster, could materially increase its liabilities for claims by customers, result in losses in its investment portfolios, and have a material adverse effect on its business, financial condition and results of operations.
- There are outstanding legal proceedings involving the Company, its Promoters and its Directors, which may have a material impact on the Company.