Go Digit shares: Go Digit General Insurance made a quiet beginning at the inventory exchanges on May 23, listed at Rs 286. That’s a 5.14% top class over the difficulty fee of Rs 272
Soon after the listing, the share price increased by 6% to trade 11 percent higher at Rs 301.
The listing gains are mostly consistent with projections from the gray market, where shares were being sold at a three percent premium. Shares trade in the grey market, an unofficial ecosystem, well in advance of the offer’s subscription opening and continue to do so until the day of listing.
Nine times as many people as possible signed up for the Rs 2,614.65-crore public offer, in which Anushka Sharma and Virat Kohli are investors. Bids for 50.76 crore shares were received for the offer, compared to 5.28 crore shares. In the retail category, 4.27 subscriptions were made to the public issue. 7.24 times the quota that non-institutional investors were allowed to purchase. There were 12.56 times as many reservations for the qualified institutional buyer (QIB) segment.
In the Rs 2,614.65-crore IPO, 4.14 crore shares valued at Rs 1,125 crore and 5.48 cr stocks worth Rs 1,489 cr are being offered for sale in addition to a new issuance. -Go Digit shares
The insurance business supported by Fairfax collected over Rs 1,176 crore from anchor investors one day before its issue opening on May 14. Among these investors were hedge fund Bay Pond Partners, Fidelity, and the Abu Dhabi Investment Authority (ADIA). 56 funds received 4.32 crore equity shares from the company at the higher price range of Rs 272 per share.
Go Digit intends to use the net proceeds to finance the suggested activities that have been recognized as needing funding as well as to support its ongoing company operations. The company also expects that listing its equity shares on stock markets will improve its brand image and visibility with both current and new customers.
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Go Digit is an insurance provider that offers a range of products, including property, travel, and health insurance. It was founded in December 2016. Across all of its business segments, the company has introduced 74 active items.
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