In August, the Fairfax Group-backed company filed draft documents for its IPO, looking to raise ₹1,250 crore from a fresh issue of shares and an offer for sale (OFS) of 109.4 million equity shares.
The capital markets regulator said in a notification on its website that the “issuance of observations (has been) kept in abeyance.” It did not provide further details.
According to Sebi, when there is a probable cause for investigation against the entity, the observation on the offer document filed by the issuer is kept in abeyance.
GoDigit, according to its draft prospectus, may also consider taking a pre-IPO placement of ₹250 crore before filing for its red-herring prospectus.
, Morgan Stanley India Co, , , and were the book managers for the IPO, the draft prospectus showed.
The company was looking to utilise the proceeds from the IPO to augment its capital base and maintain solvency levels.
According to the draft documents, the company’s customer base increased to 25.77 million in FY22 from 14.27 million in the year ago period. The group sold close to 7.76 million policies in FY22, compared to 5.55 million policies in FY21.
Total assets under management shot up by almost 68% annually to ₹9,393.87 crore in FY22.
Net losses more than doubled to ₹295.86 crore in FY22 from a net loss of ₹122.76 crore in FY21.
Total revenues grew 70% to ₹3,840.96 crore in FY22 from ₹2,251.98 crore in the year-ago period.
