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 'abeyance', but did not offer any further explanation for the action.
Fairfax-backed Go Digit General Insurance files DRHP for IPOProposed offering is to combine fresh isue of ₹1,250 crore and an offer for sale of 10.94 crore shares by promoters and selling shareholder for an undisclosed sum amount
Reuters reported last month that the company, backed by backed by Canadian billionaire Prem Watsa's Fairfax Group, aimed to raise around $440 million through an initial public offering.
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 the IPO will consist of a fresh issue of shares worth ₹1250 crore ($158 million), while existing shareholders will sell up to 109.4 million shares.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.