The IPO for Go Digit, supported by Bollywood actress Anushka Sharma and cricketer Virat Kohli, was just authorized by SEBI. Due to months-long regulatory problems, an IPO was unable to launch its public offering on March 4.
The business initially submitted its preliminary IPO documents in August 2022. According to Mint, the company's capital base will be increased, general business goals, and the maintenance of solvency levels will be the destinations of funds raised from the first public offering.
On March 5, SEBI declared that they had observed something on March 1. Among the company's investors are actress Anushka Sharma and cricketer Virat Kohli. But the 'Go Digit IPO' has also received support from the Canada-based Fairfax Group.
In the vernacular of the SEBI, an observation letter indicates that an IPO may proceed with its debut. The business had previously submitted a Draft Red Herring Prospectus to SEBI in August 2022 in an attempt to acquire capital, but it was rejected because of compliance issues with the employee stock appreciation rights program.
In January 2023, the regulator returned Go Digit's draft IPO filings because they did not comply with SEBI's compliance criteria. The agency then requested that Go Digit file the documents again with the necessary revisions. In April 2023, the business once more submitted its preliminary IPO documents to SEBI.
Go Digit's parent company, Digit General Insurance, claimed in November 2023 that it had received a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) for its "non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax."
