India's Go Digit Insurance has re-filed draft papers for a USD 440 million initial public offering (IPO) after addressing the market regulator's concerns.

SEBI raises concerns related to the company's employee stock plans, which had stalled the offering for months, according to media reports.

As per the media reports, the IPO comprises a fresh issue of shares worth 12.5 billion rupees ($152.1 million) and an offer for sale of 109.4 million shares, according to the draft prospectus – unchanged from its last filing – dated March 30.

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

However, its listing plans were stalled by the Securities and Exchange Board of India (SEBI) in September because of compliance problems related to share issuances. SEBI restarted a review later that month. 

Before August 2022, the Draft Red Herring Prospectus (DRHP) states that the IPO will comprise fresh issuance of equity shares worth Rs 1,250 crore and an offer-for-sale (OFS) of 10,94,45,561 equity shares by a promoter and existing shareholders.