Business insurance

Sebi Keeps Digit Insurance IPO “On Hold”; no explanation of the action

India’s market regulator has suspended an initial public offering by Digit Insurance, according to a document posted on its website.

The Securities and Exchange Board (SEBI) said the company‘s IPO was “pending,” but offered no further explanation for the action.

Reuters reported last month that the company, backed by Canadian billionaire Prem Watsa’s Fairfax Group, was aiming to raise around $440 million through an initial public offering.

Founded in 2017, Digit is trying to expand its presence in general insurance by providing better customer service, including easier claims settlement.

The company’s prospectus filed last month showed the IPO will consist of a new issue of shares worth 12.5 billion Indian rupees ($158 million), while existing shareholders will sell up to 109.4 million shares.

(Reporting by Abhirup Roy in Mumbai, Writing by Shilpa Jamkhandikar; Editing by Kim Coghill)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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