Go Digit Insurance, a general insurance company, has re-filed draft papers for its $440 million initial public offering (IPO) after addressing concerns from the market regulator regarding employee stock plans that had stalled the offering for months. 

The IPO includes a fresh issue of shares worth 12.5 billion rupees ($152.1 million) and an offer for sale of 109.4 million shares. The company's listing plans were initially stalled by the Securities and Exchange Board of India (SEBI) in September 2022 due to compliance problems related to the share issuances. 

The IPO faced another setback in January 2023 after SEBI raised compliance issues related to employee stock plans. Due to these issues, Digit was found "not to be eligible for making an initial public offer," according to SEBI's letter.

Digit operates in the general insurance sector and counts Canadian billionaire Prem Watsa's Fairfax Group and TVS Capital Funds among its backers. The company first filed for an IPO in August 2022. 

Digit has now changed its employee stock rights to stock option plans after approving the plan through a special resolution on March 27. The company plans to use the IPO proceeds to maintain its solvency ratio.