Fairfax-backed general insurer — Go Digit — has filed a draft prospectus with Sebi to raise funds through its initial public offer.

The offer consists of a fresh issue of equity shares worth up to Rs 1,250 crore and an offer-for-sale (OFS) of upto 109,445,561 equity shares by the promoter and selling shareholders.

Promoter Go Digit Infoworks Services Private will sell 109,434,783 equity shares.

Shareholders Nikita Mihir Vakharia, jointly with Mihir Atul Vakharia, will sell up 4,000 equity shares. NikunjHirendra Shah, jointly withSohag Hirendra Shah, will sell up to 3,778 shares.

Subramaniam Vasudevan, jointly with Shanti Subramaniam, will sell up to 3,000 shares. At least 75 per cent of the offer shall be available for allocation to qualified institutional buyers, not more than15 per cent of the offer shall be available for allocation to non-institutional bidders, and not more than 10 per cent of the offer shall be available for allocation to retail individual bidders.

The company in consultation with merchant bankers may consider a pre-IPO placement of equity shares aggregating up to Rs 250 crore.

If such placement is completed, the fresh issue size will be reduced. Digit will follow the likes of ICICI Lombard, New India Assurance and GICRe that went public in 2017. The company was valued at an estimated $4 billion during its last round of funding.