IGI IPO subscription opens Dec 13; Check GMP, price band, dates, and more

International Gemmological Institute IPO: The initial public offering (IPO) of International Gemmological Institute is set to open for public subscription on Friday, December 13, 2024. At the upper end, the company seeks to raise Rs 4,225 crore from the offering. The bidding for anchor investors is likely to take place on Thursday, December 12, 2024.

 

Here are the key details of the International Gemmological Institute IPO, outlined by the company in its Red Herring Prospectus (RHP):

 

International Gemmological Institute IPO size, price band

The offering comprises a fresh issue aggregating up to Rs 1,475 crore and an Offer for Sale of equity shares aggregating up to Rs 2,750 crore, as per the Red Herring Prospectus filed by the company.

 

The public offering will be available at a price band of Rs 397–Rs 417 per share and a lot size of 35 shares. Accordingly, investors can bid for a minimum of 35 shares and in multiples thereof. Thus, the minimum amount of investment required by retail investors to bid for 1 lot or 35 shares of International Gemmological Institute is Rs 14,595. For a maximum bid under Rs 2,00,000, retail investors can apply for up to 13 lots, totaling 455 shares.

 

International Gemmological Institute IPO grey market premium (GMP)

The unlisted shares of International Gemmological Institute were commanding a strong premium, quoted at Rs 547, reflecting a grey market premium (GMP) of Rs 130 or 31.18 per cent against the upper end of the price band of Rs 417, revealed sources tracking grey market activities.

 

International Gemmological Institute IPO key dates

International Gemmological Institute IPO is slated to remain available for subscription tentatively from Friday, December 13, 2024, till Tuesday, December 17, 2024.

 

Following the closure of the subscription window, the basis of allotment of International Gemmological Institute IPO is expected to be finalised on Wednesday, December 18, 2024. The successful allottees will receive the company’s shares on Thursday, December 19, 2024, in their demat accounts.

 

The tentative listing of the International Gemmological Institute shares is likely to take place on Friday, December 20, 2024. The company's shares are expected to list on the National Stock Exchange (NSE), and BSE.

 

International Gemmological Institute IPO objective

International Gemmological Institute, in its RHP, outlined that the selling shareholders will be entitled to their respective portions of the proceeds of the offer for sale.

 

The company, however, proposes to utilize the net proceeds from the fresh offering towards funding the following objectives: payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from the Promoter estimated to be Rs 1,300 crore; and the balance amount towards general corporate purposes.

 

International Gemmological Institute IPO registrar, lead managers

As outlined in the RHP, KFin Technologies is the registrar for the issue. Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets are the book-running lead managers to the offer.

 

About International Gemmological Institute

International Gemmological Institute (IGI) is a diamond, gemstone, and jewelry certification company. Founded in 1999, IGI provides independent grading reports based on internationally recognized standards. The company operates 31 laboratories worldwide and offers education courses in gemology. IGI's services include diamond grading, colored stone evaluation, and finished jewelry assessment. The company has a global presence, with key markets in India, Europe, the US, and Asia.