Go Digit IPO: Insurtech Unicorn Refiles DRHP To Address SEBI Concerns

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Insurtech unicorn Go Digit General Insurance has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its $440 Mn initial public offering (IPO). The move comes after SEBI put Go Digit’s proposed IPO in abeyance in September 2022 over concerns around the issuance of stock appreciation rights to its employees. In the latest filing, Go Digit has addressed SEBI’s concerns by amending and changing its erstwhile Go Digit – Employee Stock Appreciation Rights Plan, 2018 to ESOP 2018. Go Digit offers insurance policies across verticals like health, motor vehicle, travel, property, and more. Its IPO comprises a fresh issue of shares worth INR 1,250 Cr and an offer for sale (OFS) of 109.45 Mn shares.

It seems that Go Digit General Insurance has refiled its draft red herring prospectus (DRHP) for its $440 Mn initial public offering (IPO) after addressing concerns raised by the Securities and Exchange Board of India (SEBI) about its employee stock appreciation plans. The insurtech unicorn had originally filed its DRHP in August 2022 but had its IPO put on hold by SEBI in September 2022. Go Digit offers insurance policies across health, motor vehicle, travel, property, and more and competes against other major players in the Indian insurtech market, such as Acko, ICICI Lombard, Bajaj Allianz, and Tata AIG. As per an Inc42 report, the Indian insurtech market is expected to grow to a size of $307 Bn by 2030, growing at a CAGR of 17% during 2022-2030.