The approval from the Insurance Regulatory and Development Authority of India (Irdai) clears one key hurdle for the Fairfax-backed company on the road to its ₹1,250 crore initial pubic offering (IPO).
The company is now waiting for approval from the Securities and Exchange Board of India (Sebi) for the initial public offering (IPO), the people cited above said on condition of anonymity, adding that they expect approval soon enough.
In November, Digit General Insurance, which runs Go Digit, filed an addendum to its IPO documents, stating that Irdai had issued it a showcause notice related to its "non-disclosure of change in the conversion ratio of the compulsorily convertible preference shares, issued to Fairfax." The company is likely to go public in the first half of 2024, one of the two people cited above said.
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