Go Digit IPO Sails through on Final Day with Strong Retail Demand

Go Digit, a leading general insurer, saw its public offer fully subscribed on the final day, with strong retail demand indicating a positive response from investors.

Full Subscription Before Closing:
General insurer Go Digit’s public offer was fully subscribed hours before the close of bidding on Friday. According to exchange data, the ₹2,614.65 crore initial public offering of Go Digit was subscribed 1.17 times at 12.00 pm.

As many as 5.28 crore (5,28,69,677) equity shares of the company offered for subscription were booked fully. Applications for a total of 6.27 crore (6,27,80,630) equity shares (1.17 times) were received by 12.00 PM on Friday, according to the NSE data.

Strong Retail Demand:
The Go Digit IPO received a strong demand from retail investors while qualified institutional investors gave a lukewarm response in the three days so far. Retail investors placed bids for 2.96 crore (2,96,24,870) equity shares against 96.12 lakh (96,12,668) shares on offer for subscription. The retail portion was booked around 3.08 times.

Allotment and Listing Date:
The company is expected to announce the share allotment on May 21, Monday. Refunds and credit of shares to demat accounts will be initiated on May 22. Go Digit, backed by cricketer Virat Kohli, will get listed on the NSE and BSE on May 23.

IPO Price Band:
Go Digit has fixed the IPO price at ₹258 to ₹272 per share. The minimum lot size is 55 shares for retail investors, and the minimum investment amount is ₹14,960.

Lead Managers:
ICICI Securities Limited, Axis Capital Limited, Morgan Stanley India Company Pvt Ltd, IIFL Securities Ltd HDFC Bank Limited, and Nuvama Wealth Management Limited are the book-running lead managers of the Go Digit IPO.

In conclusion, Go Digit's successful IPO with full subscription and strong demand from retail investors reflects the confidence of the market in the company's growth prospects. This positive response is a testament to Go Digit's strong business model and leadership in the general insurance sector.