Market NewsGo Digit IPO: Fairfax-invested company to submit draft paper this week, may...

Go Digit IPO: Fairfax-invested company to submit draft paper this week, may bring issue of Rs 5,000 crore

Go Digit Insurance's IPO can include both new issue and offer for sale (OFS)

Go Digit Insurance IPO: Fairfact-invested Go Digit Insurance may submit a draft red herring prospectus (DRHP) for the IPO this week. Bengaluru-basedGeneral Insurance Company is expected to raise Rs 5,000 crore by issuing 15 per cent equity. CNBC TV18 has given this information quoting sources. Go Digit Insurance’s IPO can include both fresh issue and offer for sale (OFS).

The company’s value is estimated to be Rs 35,000 crore

The Go Digit IPO is expected to raise Rs 1,250 crore through fresh issue and Rs 3,750 crore through OFS. The company’s valuation in Go Digit Insurance’s IPO is estimated to be around Rs 30,000-35,000 crore.

Kamesh Goyal’s Go Digit General Insurance is a general insurance company, which is a part of Canada-based Prem Vats’s Fairfax Financial Holdings Ltd.

Virat Kohli is the brand ambassador

The insurance company on July 18 launched the add-on feature ‘Pay as you Drive’ (PAYD) for its Motor Insurance on Damage (OD) policies. Indian cricketer Virat Kohli and actor Anushka Sharma’s investment company has become the first company to launch such a feature. Kohli is also its brand ambassador.

Unicorn was made last year

This startup offers health, travel auto and many other types of insurance. It seeks to expand the insured’s India base by simplifying the process of buying cover, submitting claims and receiving payments. The company became a unicorn in January last year. Its valuation was then $1.9 billion. After this, the valuation of the company increased to $ 3.5 billion. One of the main reasons behind this growth of Indian fintech startup Digit is attracting insurance customers through mobile technology.

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