India’s Digit Insurance eyes $500m IPO

It plans to file the necessary papers by September.

India general insurance firm Digit Insurance is eyeing a $500m initial public offering (IPO) at a valuation of $4.5b to $5b, reports have said.

The report said that Digit Insurance has appointed Morgan Stanley and investment bank ICICI Securities as bookrunners for the deal. The firm plans to file its draft documents to the markets regulator by September and list by January 2023.

Earlier this month, Digit Insurance was valued at $4b after its last founding round. It has raised a total of $400 million Sequoia Capital, A91 Partners and Faering Capital.

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

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