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Digit Insurance, the company backed by Canadian billionaire Prem Watsa’s Fairfax Group, has put its planned initial public offering (IPO) on hold, a regulatory filing from the Securities and Exchange Board of India (SEBI) showed on Tuesday.
The IPO has been delayed and certain remarks have been made, the document on SEBI’s website says without elaboration.
Reuters reported last month that Digit Insurance was looking to raise about $440 million through an IPO for its non-life insurance business. Sources said the company is seeking a valuation of between $4.5 billion and $5 billion.
Fairfax-funded Digit Insurance plans to raise $5bn in India IPO: sources
Although SEBI did not give reasons for its decision, a source familiar with the view of the supervisory authority said that the regulator expressed concern that the private company Digit issued shares to more than 200 people in the last financial year, which is not allowed by Indian laws and regulations. .
The source added that Digit would need to look into the SEBI issues and resolve them in the appropriate forum.
A spokesman for Digit declined to comment, and SEBI did not immediately respond to requests from Reuters.
Founded in 2017, Digit is trying to expand the scope of general insurance by touting the benefits of customer service, including easier claims handling. Separately, he enters the life insurance market with his Go Digit Life venture.
The prospectus filed by the company last month showed that the IPO would consist of new shares worth 12.5 billion Indian rupees ($158 million), while existing shareholders would sell up to 109.4 million shares.
(Reporting by Aditya Kalra in Delhi and Abhirup Roy and M. Sriram in Mumbai; editing by Kim Coghill and David Goodman)
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