Digit is now set to engage with potential investors over the coming month, aiming for a listing by May 2024. Credit: Linaimages/Shutterstock.

The Securities and Exchange Board of India (SEBI) has approved the IPO of Digit Insurance, reported Reuters.   

The SEBI’s approval follows the resolution of compliance issues that had previously delayed the listing.  

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Digit, last valued at $3.5bn (Rs290bn), offers general insurance solutions.  

It had initially filed for the IPO in August 2022 but faced regulatory hurdles over the legality of some share issuances. 

After readdressing the concerns and refiling its IPO papers last March, Digit has now received the green light from the SEBI.  

The regulator’s approval letter, sent on 1 March 2024, allows Digit to launch its IPO within the next 12 months.  

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The company, backed by Fairfax Group and A91 Partners, plans to raise Rs12.5bn and offer 109.4 million shares for sale, according to its prospectus. 

“The proposed issue can open for subscription within a period of 12 months,” stated the letter from the SEBI to Digit and its IPO advisers.  

While the letter did not detail the previous compliance issues, sources close to the matter indicated that SEBI approval signifies satisfaction with the revised IPO application.  

Both Digit and the SEBI refrained from commenting on the matter. 

Digit is now set to engage with potential investors over the coming month, aiming for a listing by May 2024.  

The company’s move to go public coincides with a surge in India’s stock markets and a robust IPO environment, with 2024 anticipated to be a record year for public listings in the country. 

Meanwhile, in January, reports emerged that India’s Niva Bupa Health Insurance Company is preparing for an IPO, aiming to raise around Rs30bn.  

Niva Bupa is a joint venture between UK’s Bupa and True North.