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Digit Insurance files IPO papers with SEBI
August 17, 2022
The A91 Partners-backed company was planning to file the IPO papers for the past few weeks. According to the company, it is looking to increase its capital base to meet future capital requirements and maintain its solvency levels.
The DRHP further said that the promoter group offered up to 109,445,661 equity shares which include 109,434,783 equity shares of Go Digit Infoworks Services Private Limited followed by Nikita Mihir Vakharia and Mihir Atul Vakharia’s 4,000 shares, Nikunj Hirendra Shah and Sohag Hirendra Shah’s 3,778 shares and Subramaniam Vasudevan and Shanti Subramaniam’s 3,000 shares.
Currently, Go Digit Infoworks Services Private Limited, the holding company of Digit, has 83.65% stake in the company followed by A91 Partners, TVS Capital Funds and Faering Capital with 3.36% stake each. Further Wellington Hadley and Sequoia Capital hold 1.49% and 1.04% respectively.
Digit Insurance’s net earned premium rose 75% to ₹3,404 crore in FY22 from ₹1,944 crore in the previous fiscal year. The company’s net loss widened 140% to ₹296 crore in FY22 as compared to ₹123 in FY21 and ₹175 crore in FY20.
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