glider3834 Posted May 4, 2022 Share Posted May 4, 2022 28 minutes ago, glider3834 said: Exclusive: General insurance firm Digit’s valuation crosses $4 Bn https://entrackr.com/2022/05/exclusive-digit-valuation-surpasses-4-bn-in-new-fund-infusion/ I just emailed Digit to verify this as 3rd party press release - sorry about big writing cant edit on phone Link to comment Share on other sites More sharing options...
petec Posted May 4, 2022 Share Posted May 4, 2022 That's good news given what's happening to tech valuations at the moment. Link to comment Share on other sites More sharing options...
lessthaniv Posted May 25, 2022 Share Posted May 25, 2022 Chatter of $500M IPO with valuation between $4.5B-$5B. https://ca.finance.yahoo.com/news/exclusive-indias-digit-insurance-targets-063638559.html Link to comment Share on other sites More sharing options...
MMM20 Posted May 25, 2022 Share Posted May 25, 2022 (edited) 46 minutes ago, lessthaniv said: Chatter of $500M IPO with valuation between $4.5B-$5B. https://ca.finance.yahoo.com/news/exclusive-indias-digit-insurance-targets-063638559.html These reports say Fairfax’s stake is 30%. Is it not 49% going to 74% upon regulatory approval? Why do I feel like the media always have the basic facts wrong on Fairfax? (like, more than other similar companies - not a #fakenews thing) Or are they implying that Fairfax is planning on selling about half its stake? I hope not trimming flowers to water weeds Edited May 25, 2022 by MMM20 Link to comment Share on other sites More sharing options...
glider3834 Posted May 26, 2022 Share Posted May 26, 2022 5 hours ago, MMM20 said: These reports say Fairfax’s stake is 30%. Is it not 49% going to 74% upon regulatory approval? Why do I feel like the media always have the basic facts wrong on Fairfax? (like, more than other similar companies - not a #fakenews thing) Or are they implying that Fairfax is planning on selling about half its stake? I hope not trimming flowers to water weeds it looks like article from Reuters & they didn't receive any comment from Digit or Fairfax - if they did their DD & cross checked Fairfax's filings, then they would have realised 30% number is not correct. I guess we need to wait to Sep to see what happens but I think it would be great if they can execute an IPO although I think they should wait until markets settle a bit more. Link to comment Share on other sites More sharing options...
bluedevil Posted May 26, 2022 Share Posted May 26, 2022 Getting a little worrisome that the regulator has not approved Fairfax going to 74% yet. Link to comment Share on other sites More sharing options...
MMM20 Posted May 26, 2022 Share Posted May 26, 2022 11 minutes ago, bluedevil said: Getting a little worrisome that the regulator has not approved Fairfax going to 74% yet. Maybe they never will and Fairfax will just sell down from “74%” to the reported/speculated (?) ~30% in the IPO Link to comment Share on other sites More sharing options...
glider3834 Posted May 26, 2022 Share Posted May 26, 2022 (edited) 4 hours ago, bluedevil said: Getting a little worrisome that the regulator has not approved Fairfax going to 74% yet. it usually takes time to get approvals in India, Generali recently received regulatory approval to increase its stake to 74% in its Indian non-life insurance JV 06 MAY 2022 - 17:49 Milan - Generali completed the acquisition from Future Enterprises Limited of 25% of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74% in FGII. Generali received the approval from the relevant regulatory and competition authorities. https://www.generali.com/media/press-releases/all/2022/Generali-completes-the-transaction-to-become-the-majority-shareholder-in-its-Indian-P-and-C-insurance-joint-venture Edited May 26, 2022 by glider3834 Link to comment Share on other sites More sharing options...
glider3834 Posted August 13, 2022 Share Posted August 13, 2022 https://www.cnbctv18.com/business/companies/fairfax-backed-go-digit-insurance-to-file-ipo-drhp-this-week-say-sources-14470762.htm No prospectus filed yet - but its worth keeping an eye on Link to comment Share on other sites More sharing options...
glider3834 Posted August 16, 2022 Share Posted August 16, 2022 (edited) Here is the Digit IPO Draft Prospectus lodged today https://www.axiscapital.co.in/uploads/equity_documents/dhrp/go-digit-general-insurance-limited.pdf In Apr-22, Go Digit Infoworks (through which Fairfax owns its stake) had approx 729 mil shares out of total of 838 mil shares in Digit. The draft prospectus has Go Digit Infoworks proposing to sell up 109 mil shares. (These amounts could change - its just a draft!) https://www.reuters.com/markets/deals/fairfax-backed-digit-insurance-files-draft-papers-india-ipo- 2022-08-16/ Edited August 16, 2022 by glider3834 Link to comment Share on other sites More sharing options...
Viking Posted August 16, 2022 Share Posted August 16, 2022 (edited) 49 minutes ago, glider3834 said: Here is the Digit IPO Draft Prospectus lodged today https://www.axiscapital.co.in/uploads/equity_documents/dhrp/go-digit-general-insurance-limited.pdf In Apr-22, Go Digit Infoworks (through which Fairfax owns its stake) had approx 729 mil shares out of total of 838 mil shares in Digit. The draft prospectus has Go Digit Infoworks proposing to sell up 109 mil shares. (These amounts could change - its just a draft!) https://www.reuters.com/markets/deals/fairfax-backed-digit-insurance-files-draft-papers-india-ipo- 2022-08-16/ @glider3834 great news and thanks for posting. This has the potential to be a big, big win for Fairfax. However, given how slow things move in India i have low expectations as to how quickly the IPO will receive approvals. Also importantly, the CEO has said they will wait for the right time to execute the IPO (once it is approved). Given the current state of financial markets it might be best to execute the IPO in 2023 when, hopefully, EM financial markets are more settled. I am trying to keep my expectations in check. The silver lining with any delays is Digit will continue to grow its business over time and increase the value of the company even more. Edited August 16, 2022 by Viking Link to comment Share on other sites More sharing options...
PJM Posted August 25, 2022 Share Posted August 25, 2022 (edited) The investment from HDFC Bank values the life insurance part of Digit at $62-80m https://www.business-standard.com/article/finance/hdfc-bank-invests-in-ipo-bound-general-insurance-firm-go-digit-122082500912_1.html Private sector bank major HDFC Bank on Thursday said it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Ltd. The bank will invest ₹49.9 crore to ₹69.9 crore in two tranches to acquire up to 9.94% equity stake in the company. Edited August 25, 2022 by PJM Link to comment Share on other sites More sharing options...
Xerxes Posted August 26, 2022 Share Posted August 26, 2022 Link to comment Share on other sites More sharing options...
PJM Posted August 29, 2022 Share Posted August 29, 2022 (edited) On 5/4/2022 at 3:10 PM, glider3834 said: I just emailed Digit to verify this as 3rd party press release - sorry about big writing cant edit on phone HSFC bank has already released an official statement about the acquisition on the exchanges of India, so this is a done deal. https://www.bseindia.com/xml-data/corpfiling/AttachHis/820282e0-d42c-44a5-a2a9-eb5a160b93e1.pdf Edited August 29, 2022 by PJM Link to comment Share on other sites More sharing options...
glider3834 Posted August 30, 2022 Share Posted August 30, 2022 https://www.reuters.com/business/finance/indias-axis-bank-eyes-10-stake-go-digit-life-insurance-business-sources-2022-08-30/ Link to comment Share on other sites More sharing options...
nwoodman Posted September 21, 2022 Author Share Posted September 21, 2022 (edited) Looks like the IPO is on hold for now "While SEBI gave no reasons for its decision, a source familiar with the watchdog's thinking said concerns had been raised by the regulator that privately held Digit issued shares to more than 200 individuals in the past financial year, which is not allowed under Indian laws and regulations. Digit will need to review SEBI's concerns and resolve them at an appropriate forum, the source added." Digit Insurance IPO put on hold by Indian watchdog | Reuters SEBI | Processing Status : Issues Edited September 21, 2022 by nwoodman Link to comment Share on other sites More sharing options...
glider3834 Posted September 21, 2022 Share Posted September 21, 2022 (edited) 4 hours ago, nwoodman said: Looks like the IPO is on hold for now "While SEBI gave no reasons for its decision, a source familiar with the watchdog's thinking said concerns had been raised by the regulator that privately held Digit issued shares to more than 200 individuals in the past financial year, which is not allowed under Indian laws and regulations. Digit will need to review SEBI's concerns and resolve them at an appropriate forum, the source added." Digit Insurance IPO put on hold by Indian watchdog | Reuters SEBI | Processing Status : Issues cheers nwoodman, looks like a similar issue to RBL - they settled with SEBI - had to pay a fine - then were able to IPO https://www.business-standard.com/article/markets/sebi-settles-rbl-bank-s-case-through-consent-mechanism-116060101708_1.html Edited September 21, 2022 by glider3834 Link to comment Share on other sites More sharing options...
glider3834 Posted September 21, 2022 Share Posted September 21, 2022 4 minutes ago, glider3834 said: cheers nwoodman, looks like a similar issue to RBL - they settled with SEBI - had to pay a fine - then were able to IPO https://www.business-standard.com/article/markets/sebi-settles-rbl-bank-s-case-through-consent-mechanism-116060101708_1.html this could be another reason too - Fairfax has sold most of its IIFL Wealth stake to comply with SEBI rules https://economictimes.indiatimes.com/markets/stocks/news/sebi-lens-on-fairfax-for-alleged-breach-of-crossholding-norms/articleshow/93866786.cms?from=mdr Link to comment Share on other sites More sharing options...
nwoodman Posted September 21, 2022 Author Share Posted September 21, 2022 45 minutes ago, glider3834 said: this could be another reason too - Fairfax has sold most of its IIFL Wealth stake to comply with SEBI rules https://economictimes.indiatimes.com/markets/stocks/news/sebi-lens-on-fairfax-for-alleged-breach-of-crossholding-norms/articleshow/93866786.cms?from=mdr Yep, the regulator two-step goes on. I think you make an excellent point though….. there is a big difference between “No” and “No, but we will reconsider once you have done …..”. An impeccable record of corporate governance will be key…to misquote A Tropic Thunder “Very easy to shit the money bed” Will it be worth it? The market seems to have a view. We see an opportunity Link to comment Share on other sites More sharing options...
Hoodlum Posted November 28, 2022 Share Posted November 28, 2022 It looks like the IPO was approved on Friday. https://www.businesstoday.in/latest/corporate/story/irdai-gives-final-approval-to-go-digit-general-insurance-for-listing-354245-2022-11-25 Quote Insurance regulator Irdai on Friday gave the final approval to Go Digit General Insurance for listing on stock markets, reported CNBC TV-18. Also, another positive development for the Insurance sector. https://www.msn.com/en-in/money/topstories/insurance-reforms-may-see-pe-funding-surge-in-sector/amp/ar-AA14CNJX Quote Insurance regulator Irdai's proposal to allow private equity (PE) funds to promote insurance companies will result in significant capital inflows into the sector. Opening the doors for private equity funds was part of a wide range of reforms announced by Irdai on Friday, including reducing the capital requirement for insurers on some social insurance schemes. During liberalisation insurance companies from developed markets were key investors in the sectors, however, private equity funds are the ones with deep pockets currently. Till now PE funds could not promote insurance companies, and there was also a cap of 10% on a single investor. The Irdai on Friday said that special purpose vehicle (SPV) route was optional for PE promoters, indicating that they could now invest directly. Also, investors can now pick up to 25% of the paid-up capital without being treated as promoters. "The increase of threshold to 25% from 10% stake for being treated as investors and making SPV structure optional will bring the sector on the road map of a wider base of institutional investors," said Nithya Easwaran, MD, Multiples Alternate Asset Management. "The 'fit and proper' criteria will ensure that high quality, responsible, and experienced institutional investors will become significant stakeholders and partner with the companies through the transition to a more open architecture and innovative industry structure," she added. Sequoia Capital MD Ishaan Mittal said, "The relaxation for funds will help attract a higher flow of capital to India's insurance sector, resulting in greater innovation, deeper insurance penetration, and better offerings." "The amendments will make the sector a hotbed for investments and make it more investor-friendly in the coming years," said Digit Insurance chairman Kamesh Goyal. Digit Insurance is promoted by Prem Watsa's Fairfax Group and Goyal. Link to comment Share on other sites More sharing options...
nwoodman Posted November 28, 2022 Author Share Posted November 28, 2022 2 hours ago, Hoodlum said: It looks like the IPO was approved on Friday. https://www.businesstoday.in/latest/corporate/story/irdai-gives-final-approval-to-go-digit-general-insurance-for-listing-354245-2022-11-25 Also, another positive development for the Insurance sector. https://www.msn.com/en-in/money/topstories/insurance-reforms-may-see-pe-funding-surge-in-sector/amp/ar-AA14CNJX Awesome, @Hoodlum you made my day and no doubt many others Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted November 29, 2022 Share Posted November 29, 2022 4 hours ago, nwoodman said: Awesome, @Hoodlum you made my day and no doubt many others Thanks for sharing. Anyone know how many other approvals are needed and what the timeline should be? Link to comment Share on other sites More sharing options...
nwoodman Posted November 29, 2022 Author Share Posted November 29, 2022 3 hours ago, SafetyinNumbers said: Thanks for sharing. Anyone know how many other approvals are needed and what the timeline should be? As far as I can tell that is all they need. However, I am somewhat surprised that Fairfax hasn’t issued a press release. I think it is a development worthy of a one-pager. This leads me to think that there might be more to it. Link to comment Share on other sites More sharing options...
netcash1 Posted November 29, 2022 Share Posted November 29, 2022 I think Fairfax is still trying to resolve its ownership stake in Go Digit? Trying to secure its 74% stake. Link to comment Share on other sites More sharing options...
nwoodman Posted February 1, 2023 Author Share Posted February 1, 2023 Two steps forward one step back. With the allegations against Adani doing the rounds, perhaps we can read something positive into the knockbacks from SEBI. India's Digit Insurance to revamp $440 mln IPO again after regulator concerns | Reuters Link to comment Share on other sites More sharing options...
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