Go Digit General Insurance Ltd

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.

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50years

Go Digit General Insurance Ltd IPO Details

Details

Total Shares OfferedOffer to PublicRetail Max (Shares)Pre Issue Promoters HoldingExchangeIssue size
961.27 L547.66 L96.13 L7,295.65 LBSE₹ 2614.65 Cr
IPO Open DateClose DateLot SizeMin InvestmentIssue TypeListing Date
15 May, 2417 May, 2455 ₹ 14,190 Book Building23 May, 24

Go Digit General Insurance Ltd IPO Details

Go Digit General Insurance Ltd IPO Dates

  • 15 May 2024

    Opening date

  • 17 May 2024

    Closing date

  • 21 May 2024

    Basis of
    Allotment

  • 22 May 2024

    Initiation of
    Refunds

  • 22 May 2024

    Credit of
    Shares

  • 23 May 2024

    Listing date

Details

SectorType
SectorFinance & Investments
Sub SectorNA
Issue TypeBook Building

Subscription Status

*Values are in Lakhs

Investor TypeSubscription Times
QIB12.56x
NII7.24x
Retail4.27x
Employee0x
Total9.6x

Subscription Status

Investor Type

QIB

NII

Retail

Employee

Total

*Values are in Lakhs

Go Digit General Insurance Ltd Financial Status

Income Statement

Balance Sheet

Particulars (in Rs. Crores)FY23FY22FY21
Revenue from operations50.69-283.40-113.79
EBITDA65.83-270.95-104.82
PAT35.55-295.85-122.76
Total Assets938.49651.87471.49
Share Capital874.02859.01824.69
Total Borrowings659.19505.35311.60
Operating Activities (Net Cash)50.69-283.40-113.79
Investing Activities (Net Cash)12,387.669,223.595,349.39
Financing Activities (Net Cash)659.19505.35311.60
Net Cashflow279.30146.52159.89

Particulars (in Rs. Crores)

Revenue from operations

EBITDA

PAT

Total Assets

Share Capital

Total Borrowings

Operating Activities (Net Cash)

Investing Activities (Net Cash)

Financing Activities (Net Cash)

Net Cashflow

About Go Digit General Insurance Ltd

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.

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.

Peer Comparison:

  • Go Digit General Insurance Ltd
  • Star Health & Allied Insurance Company Ltd
  • ICICI Lombard General Insurance Company Ltd
  • New India Assurance Company Ltd

Go Digit General Insurance Ltd IPO Key Points

Strengths

  • 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.

Risk

  • 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.

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.

Go Digit General Insurance Ltd IPO Key Points

  • 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.
  • 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.

How To Apply for Go Digit General Insurance Ltd Online?

Step 1:

Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

Get your FAQs right

Go Digit General Insurance Ltd's IPO offers shares for up to ₹ 0.01 L It begins on May 15, 2024 and ends on May 17, 2024.

The price of Go Digit General Insurance Ltd IPO ranges between ₹258 to ₹272 per share.

The Go Digit General Insurance Ltd IPO opens on May 15, 2024 and closes on May 17, 2024.

The allotment for the Go Digit General Insurance Ltd IPO will be finalised on May 21, 2024. The shares will be listed on BSE and NSE on May 23, 2024.

The minimum lot size for Go Digit General Insurance Ltd IPO is 55 shares, priced between ₹258 to ₹272 per share.

The GMP (Grey Market Premium) of Go Digit General Insurance Ltd IPO fluctuates based on market demand and sentiment.

To check the allotment status of Go Digit General Insurance Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

The Go Digit General Insurance Ltd IPO is getting listed on the BSE and NSE. Bidding opens on May 15, 2024, and closes on May 17, 2024. The allotment is finalised on May 21, 2024.

To apply for the Go Digit General Insurance Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.