SEBI recently approved Go Digit’sIPO, which is backed by cricketer Virat Kohli and Bollywood actress Anushka Sharma. An IPO was delayed over compliance issues for many months and could not issue the public offer, on March 4.
Virat Kohli and Anushka Sharma backed Go Digit’s IPO which was delayed for a long time, approved by SEBI, with fresh issuance of ₹1,250 crore. It contains OFS of 10.94 crore shares by promoters and existing shareholders for capital base enhancement and general purposes.
Go Digit IPO: SEBI recently approved Go Digit’sIPO, which is backed by cricketer Virat Kohli and Bollywood actress Anushka Sharma. An IPO was delayed over compliance issues for many months and could not issue the public offer, on March 4.
The company’s preliminary IPO papers were first filed in August 2022.
Funds generated from the IPO will be utilized for the maintenance of solvency levels, general corporate purposes and the augmentation of the company’s capital base, reported Mint.
SEBI on 5th March, confirmed that they had its observation on March 1. Cricketer Virat Kohli and his wife, actor Anushka Sharma, are among the firm’s investors. However, Canada-based Fairfax Group has also backed the ‘Go Digit IPO’.
According to the SEBI’s parlance, If any IPO obtains an observation letter it means its a go-ahead for them to launch the IPO.
Go Digit IPO History:
Earlier, In August 2022 company had first filed the Draft Red Herring Prospectus with SEBI to raise funds, however, it was not approved due to compliance requirements related to the employee stock appreciation rights scheme.
As it was not meeting SEBI’s compliance requirements, the regulator returned Go Digit’s draft IPO papers in January 2023 and asked them to again file the documents with updates asked by the regulator. The company again filed the preliminary IPO papers with SEBI in April 2023.
In November 2023, According to the Digit General Insurance, (who runs Go Digit) stated that the Insurance Regulatory and Development Authority of India (IRDAI) had issued it a show-cause notice related to its “non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax.”, reported Mint