According to a document on its website, India’s markets regulator has kept an initial public offering from Digit Insurance on hold.
The Securities and Exchange Board (SEBI) said the company’s IPO was kept in ‘abeyance’, but did not explain the action further.
Reuters reported last month that the company, backed by Canadian billionaire Prem Watsa’s Fairfax Group, aimed to raise around $440 million through an initial public offering.
Founded in 2017, Digit is trying to expand its presence in general insurance by offering better customer service, including more accessible claim settlements.
The company’s prospectus filed last month showed the IPO would 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.