Digit Insurance files for IPO

The insurer plans to raise more than $160m

Indian insurer Digit Insurance has filed for an initial public offering (IPO) to raise more than $160m.

In a regulatory filing, the IPO will consist of fresh issue shares worth INR12.5b (160m) whilst shareholders plan to sell 109.4 million shares. Digit Insurance said it may sell INR2.5b ($32m) of shares in a pre-IPO placement. If this goes through, share sales in the issue will be lower.

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A report by TechCrunch indicated that Digit Insurance is eyeing to raise up to $440m in total for the IPO.

In an earlier report, Digit Insurance was first targeting a $500m IPO valutaion

Founded in 2017, Digit Insurance is backed by Canadian billionaire Prem Watsa's Fairfax Group.