Shares Of Go Digit GI Closes At 12% Premium

Total Turnover (BSE+NSE) on Day 1 stood at Rs 1,660.02 crore

Kamesh Goyal, Chairman and Jasleen Kohli, MD &CEO of Go Digit General Insurance, ringing the bell alongside Ashishkumar Chauhan, MD&CEO of NSE, and the company team at the listing ceremony at the NSE on Thursday

FinTech BizNews Service

Mumbai, May 23, 2024: Shares of Go Digit General Insurance Limited debuts on the bourses to close at a premium of 12%. The scrip listed Rs 281.10 per share on BSE, a premium of 3.35% and Rs 286 per share on NSE, a premium of 5.15%. The company's share price closed at Rs 305.75 per share on the BSE, a 12.41% premium, and at Rs 305.65 per share on the NSE, a 12.37% premium.

As per NSE, the total quantity traded stood at 541.22 lakh shares and on BSE the total quantity stood at 18.56 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1,660.02 crore.

The market capitalization of the company at today’s closing price stood at Rs. 28,043.46 Crore as per BSE and Rs. 28,034.29 Crore as per NSE.

The initial public offering of Go Digit General Insurance Limited was subscribed 9.60 times. Qualified Institutional Buyer Portion was subscribed 12.56 times, Non-Institutional Investors Portion was subscribed 7.24 times, whereas Retail Portion was subscribed 4.27 times.

Go Digit General Insurance Limited is one of the leading digital full-stack insurance companies founded in 2017 by insurance veteran Kamesh Goyal. The company offers a broad suite of products to satisfy our customers’ needs in motor, health, travel, property, marine, liability, and other insurance lines. It offers its products directly to customers through its website and web aggregators. As of December 31, 2023, it maintains a broad distribution footprint across 24 of the 36 states and union territories in India. 

The Company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, according to the needs of the customers. For the nine months ended December 31, 2023 motor insurance contributed 61.1% of the GWP. As of December 31, 2023, there were 43.26 million customers or people availing insurance benefits under various policies issued by the company since the inception of its insurance operations in 2017.

According to the RedSeer Report, Go Digit's GWP per employee for each of the nine months ended December 31, 2023, and Financial Year 2023 is highest compared to the average GWP per employee for non-life insurance companies in India demonstrating better operational efficiency compared to other general insurance companies in India.

Go Digit launched 74 active products across all business lines. As of the nine months ended December 31, 2023, and Financial Year 2023, it had a market share of approximately 6.0% and 5.4%, respectively, in the motor insurance segment one of the largest non-life insurance segment in India, according to the RedSeer Report.

The company has an established track record of delivering growth. GWP increased from ₹ 5,267.63 crore in Financial Year 2022 to ₹ 7,242.99 crore in Financial Year 2023, an increase of 37.5%, primarily due to an increase in GDPI from motor insurance, health insurance and personal accident insurance.



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