India’s Digit Insurance IPO kept on hold by markets regulator

A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. REUTERS/Francis Mascarenhas

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MUMBAI, Sept 20 (Reuters) – India’s markets regulator has kept an initial public offering from Digit Insurance on hold, according to a document on its website.

The Securities and Exchange Board (SEBI) said the company’s IPO was kept in ‘obeyance’, but did not offer any further explanation for the action.

Reuters reported last month that the company, backed by Canadian billionaire Prem Watsa’s Fairfax Group, aimed to raise around $440 million through an initial public offering. read more

Founded in 2017, Digit is trying to expand its presence in general insurance by offering a better customer service including easier claim settlements.

The company’s prospectus filed last month showed that the IPO will consist of a fresh issue of shares worth 12.5 billion Indian rupees ($158 million), while existing shareholders will sell up to 109.4 million shares.

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Reporting by Abhirup Roy in Mumbai, writing by Shilpa Jamkhandikar; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.


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