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It looks like the actual listing date is May 23rd. https://www.freepressjournal.in/amp/business/go-digit-on-the-block-virat-kohli-anushka-sharma-backed-company-to-issue-ipo-on-15-may The IPO comprises of a fresh issue of Rs 1125 crores. On offer sale is up to 109,445,561 equity shares. Each of these equity shares is worth Rs 10. The IPO will close on 17 May. The company will be listed on both National Stock Exchange and the Bombay Stock Exchange. In this, 10 per cent will be earmarked for Retail Quota. 75 per cent will be earmarked for QIB or Qualified institutional investors. In addition, 15 per cent will be for NII or Non-Institutional investors. After closing of the IPO, refunds will be arranged on 22 May. The shares would be credited to the account on 22 May. Finally, the IPO will be listed on 23 May.

You are correct.

The price is not known yet. Each share is nominal Rs 10, and the Rs 1250cr is the nominal amount of the maximum fresh share capital. Ie. *up to* 1,250m new shares on offer and up to 109m existing shares on offer. Presumably, the price band will be public tomorrow (India time). Actual ipo price next week. Here is link to a site mentioning the expected price band as Rs258 to Rs265 Per Share (nominal Rs10): https://ipowatch.in/go-digit-insurance-ipo-date-review-price-allotment-details/ (I dont know if it can be trusted) See also FAQs here: https://groww.in/ipo/godigit-insurance-ipo and here: https://www.angelone.in/ipo/go-digit-insurance-ipo

Double points for a link either on the Digit Website, SEBI or the BSE/NSE to the IPO. I had a quick look but no joy from my quick search

I don't see how it's just arithmetic, since there is no free flow of goods and labor across national boundaries and the prices of goods and services at market exchange rates vary widely across countries. Can you explain your thinking? Also, how about Canada for another counterexample, albeit not as dramatic as Japan? In the 15 years from May 8, 2009 to May 8, 2024 the Loonie has depreciated from 0.87 USD to 0.73 USD. But inflation in Canada was slightly less than in the US (39% vs 46% according to ChatGPT).

Is there any way that we can watch the videos played to the audience before the morning and / or afternoon sessions? I have always wondered if these were only licensed for one-time use during the events, or if there is any way we can see them without being at the meeting. I live on the other side of the world, and at this point in my life it is not practical for me to travel to the meeting, but I always enjoy watching the whole sessions on CNBC / YouTube very much each year.

Without doing the math, but I don’t think that’s true. Buybacks above book value actually slightly lower book value.

will the IPO dilute them if it gets bid over the current valuation? Also, they are unlikely to sell and these were the names in offer-for-sale of the previous draft "According to the draft prospectus, shareholders selling as part of the OFS include promoters – Go Digit Infoworks Services, Nikita Mihir Vakharia, jointly with Mihir Atul Vakharia, Nikunj Hirendra Shah, jointly with Sohag Hirendra Shah, and Subramaniam Vasudevan, jointly with Shanti Subramaniam." https://economictimes.indiatimes.com/tech/startups/digit-insurance-files-draft-documents-for-rs-5000-crore-ipo/articleshow/93598175.cms

At that rate the buybacks would add $20US/qtr to the book value per share.

Yep, hard to believe they squared away ~0.65% outstanding in April. They REALLY liked it <$CAD1500 https://ceo.ca/api/sedi/?symbol=FFH&amount=&transaction=&insider= Shares outstanding as of March 31, 2024 Buyback percentage = 151,625 ÷ 22,974,000 = 0.66%

MGM, DFH

Fairfax buybacks ~ 130K shares during March & ~151K shares during April

I’ve no idea on any of the those questions. Simply saying that the tweet might not be the bull story it first appears to be.

Rs.1500cr is total out of which Rs.1250cr is fresh and Rs.250cr is existing equity from promoters. They are saying that count of existing equity offered for sale is ~11cr shares, thus ~Rs.23/share. While Virat and Anuskha paid Rs.75 for each share. Is there a disconnect here? https://www.msn.com/en-in/money/news/go-digit-insurance-ipo-virat-kohli-anushka-sharma-backed-rs-1500-issue-opening-soon-et-now-exclusive/ar-BB1m18KQ Did early promoters get the shares at a lower price and that is the mark on which IPO is valued?

" If you’d invested $1,000 in the S&P 500 in early 1965 when Buffett took over at Berkshire, you’d have a bit over $300,000 today. If you’d bought Berkshire instead, you’d have more than $42.5 million—a big reason why tens of thousands of adoring shareholders will gather in Omaha this weekend to hear Buffett hold court. If, on the other hand, Buffett had charged hedge-fund fees, you’d have under $5 million—still far more than the market, but about 90% less than Berkshire’s actual results." https://www.wsj.com/finance/investing/theres-more-to-warren-buffetts-game-than-just-picking-great-stocks-7b58fe86

Can someone explain to me how 49% of the equity is only worth $152m (carrying value)? Or only worth $476m ('fair value', according to the Q1 report.) It clearly can't be that $2.092b worth of preferreds will only convert to an addition 19% of the equity. Explain it to me like I'm an 8-year old.

That's right, they are carrying the 49% (pre-IPO percentage) equity at $152.2 million USD and they are carrying the compulsory convertible pref. shares at approximately $2.092 Billion. If completely converted (regulatory approval needed), this would result in Fairfax owning 68% of Digit (pre-IPO percentage). It looks like the IPO will dilute them slightly and they may choose to sell a few shares in the IPO - I have no idea.

Back of the envelope: In the annual report it looks to me like FFH is valuing/carrying their Digit holdings at around $2.2 to $2.3 billion. If FFH owns 58% of Digit after the IPO and if Digit’s market cap is around $4.5 billion then the IPO will increase FFH’s BV per share by around $15 pre-tax.

Fairfax has GO digit listed as 49% ownership in their shareholders letter. But it looks like Fairfax was able to covert their debt to shares in advance of the IPO. IRDA did fine them yesterday ~$120k for non-disclosure of a change to how they were converted but it looks like it went through. This was likely the last step before going ahead with the IPO. I still don’t see what Fairfax ownership will look like after the IPO but they will likely have majority ownership as this was a key component of the IPO for Fairfax. I would expect that Fairfax will issue a press release after the IPO announcing their new ownership share of Go Digit along with the impact on Book Value. https://www.indiainfoline.com/news/business/irdai-penalizes-go-digit-insurance-with-1-crore-for-non-disclosure-of-ccps-change

Thank you. I'm still holding a lot of Aecon and small amount of TPC. It seems Aecon is the better company of the two.

I think BLDR looks cheap if you assume we're at near-trough earnings right now, and it's likely trading at high-single digit normalized/mid-cycle EPS. And if you believe that we still have structural underbuilt housing, then the cycle will last much longer than prior ones, and the entry is solid. Obviously not as cheap as it was in October - stock has ripped a lot, so makes sense for such a large drop, but nonetheless, it's still cheap if you have a multi-year view

Also added a bit of CPNG

Well done on the TPC trade. Looks even more torqued than Aecon in retrospect.

Do we have a ticker!?

CPNG, NTDOY and MSCI.