News Technology21 Sep 2022

India:Digit Insurance IPO proposal suspended by regulator

| 21 Sep 2022

The Securities and Exchange Board (SEBI), has kept a proposed initial public offering (IPO) from Go Digit General Insurance (Digit Insurance) on hold, according to a document on the markets regulator's website.

The document, titled "Processing status of Draft Offer Documents as on 16 September 2022", says "Issuance of observations kept in abeyance", but does not provide further details nor give any further explanation for the action.

Reuters reported in August 2022 that the company, backed by Canadian billionaire Prem Watsa's Fairfax Group, aimed to raise around $440m through the IPO.

Founded in 2017, Digit is trying to expand its presence in general insurance by offering better customer services including easier claim settlements.

The company's prospectus filed last month showed the IPO will consist of a fresh issue of shares worth INR12.5bn ($157m), while existing shareholders will sell up to 109.4m shares.


 

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