Cyril Amarchand Mangaldas (CAM) has played a crucial advisory role for the underwriters in the initial public offering (IPO) of Go Digit General Insurance Limited. The underwriters, including ICICI Securities Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Limited, and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), collectively known as the Book Running Lead Managers (BRLMs), benefited from CAM’s expertise.
The IPO involved the issuance of 96,126,686 equity shares, each valued at Rs. 10, with an offer price set at Rs. 272 per share. This price included a share premium of Rs. 262 per share. The offering comprised a fresh issue of 41,360,294 equity shares, totaling Rs. 11,250 million, alongside an offer for sale of 54,766,392 equity shares by certain shareholders. Trading for these shares began on May 23, 2024, on both BSE Limited and the National Stock Exchange of India Limited (NSE).
Go Digit General Insurance Limited has established itself as a leading digital full-stack insurance company, using advanced technology to innovate product design and customization, and enhance customer experience for non-life insurance products. CAM’s responsibilities in this IPO included advising the underwriters on regulatory compliance, preparing necessary documentation, and ensuring a seamless execution of the IPO process.
Notably, the company’s listing marks it as the fastest insurance company to debut on the Stock Exchanges from the date of registration granted by the IRDAI.
The Capital Markets team at CAM, led by Senior Partner Yash Ashar and Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region), with support from Senior Associate Jhalak Shah, Associate Indira Satish, Associate Harshvardhan Lahiri, and Associate Arikta Shetty, provided comprehensive advisory services. Additionally, the insurance law aspects were handled by a team led by Indranath Bishnu, Partner & Head — Insurance, with support from Principal Associate Anirud Sudarsan R, Senior Associate Soumyaditya Dasgupta, and Senior Associate Ayushi Agrawal. Employment law related aspects were overseen by Partner Bharath Reddy, supported by Principal Associate Dipti Khatri.
The transaction also involved several key parties and advisors, including Go Digit General Insurance Limited, Go Digit Infoworks Services Private Limited (the holding company and promoter selling shareholder), Allen Overy Shearman Sterling (international legal counsel for the company), Latham & Watkins LLP (international legal counsel for the underwriters), Kirtane & Pandit LLP and PKF Sridhar & Santhanam LLP (joint statutory auditors), and Link Intime India Private Limited (registrar to the offer).
