Go Digit’s IPO put in ‘abeyance’ by Sebi


BENGALURU : The capital market regulator has kept in “abeyance” the proposed initial public offering (IPO) of Go Digit General Insurance Ltd, backed by Canadian private equity investor Prem Watsa’s Fairfax Group.

Without disclosing the reason, Securities and Exchange Board of India (Sebi) said in a public disclosure on its website on Monday that the “issuance of observations (has been) kept in abeyance” with regard to the IPO of Go Digit. The information was updated on 16 September.

GoDigit General Insurance had filed draft papers for the IPO with the regulator on 17 August.

“Issuance of observations” by Sebi implies its go-ahead for an IPO. The regulator usually gives its observations on IPO papers in 30 days.

Last month, the company, which counts cricketer Virat Kohli and his wife, Bollywood actor Anushka Sharma among its investors, announced plans to raise 1,250 crore via the IPO through a fresh issue of equity shares and an additional offer for sale (OFS) of 109.4 million shares by a promoter and existing shareholders.

The company declined to comment on the Sebi observation.

A similar observation was made by Sebi last month on the approval process of Warburg Pincus and Faering Capital-backed ethnic wear fashion label Biba Fashion. Go Digit offers motor, health, travel, property, marine, liability and other insurance products.

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