CAM advised underwriters, namely, 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, “BRLMs”) in the initial public offering of Go Digit General Insurance Limited (“Company”, and such offering, the “Offer“).
The Offer involved an issuance of 96,126,686 equity shares of face value of Rs. 10 each of the Company (“Equity Shares“), at an offer price of Rs. 272 per Equity Share (including a share premium of Rs. 262 per Equity Share), comprised a fresh issue of 41,360,294 Equity Shares, aggregating to Rs. 11,250 million and an offer for sale of 54,766,392 Equity Shares by certain shareholders of the Company. The Equity Shares commenced trading on BSE Limited and National Stock Exchange of India Limited (“NSE” and together with BSE Limited, the “Stock Exchanges”) on May 23, 2024.
The Company is one of the leading digital full stack insurance companies, leveraging its technology to power an innovative approach to product design, customization, customer experience for non-life insurance products. CAM’s role encompassed advising underwriters on regulatory compliance, preparing necessary documentation, and ensuring the smooth execution of the IPO process. Upon listing, the Company has become the fastest insurance company to list on the Stock Exchanges, from the date of grant of registration by the IRDAI.
The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Yash Ashar, Senior Partner; & Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); with support from Jhalak Shah, Senior Associate; Indira Satish, Associate; Harshvardhan Lahiri, Associate; & Arikta Shetty, Associate.
The team comprising Indranath Bishnu, Partner & Head — Insurance; with support from Anirud Sudarsan R, Principal Associate; Soumyaditya Dasgupta, Senior Associate; and Ayushi Agrawal, Senior Associate advised on the insurance law related aspects of the transaction.
The team comprising Bharath Reddy, Partner; with support from Dipti Khatri, Principal Associate advised on the employment law related aspects of the transaction.
Other parties and advisors to the transaction included Go Digit General Insurance Limited, Company; Go Digit Infoworks Services Private Limited, holding company and promoter selling shareholder; Allen Overy Shearman Sterling, acted as international legal counsel for the company; Latham & Watkins LLP, acted as international legal counsel for the underwriters;, Kirtane & Pandit LLP and PKF Sridhar & Santhanam LLP, acted as the joint statutory auditors; & Link Intime India Private Limited, acted as the registrar to the offer.
The transaction was signed on 8th December 2021 and closing was done on 21st May, 2024.
