International Gemmological Institute (India) IPO ends with 33.79x subscription

The offer received bids for 197.86 crore shares as against 5.85 crore shares on offer.

The initial public offer (IPO) of International Gemmological Institute (India) received 1,97,86,25,565 bids for shares as against 5,85,60,902 shares on offer. The issue was subscribed 33.79 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 45.80 times. The Non-Institutional Investors (NIIs) category was subscribed 24.84 times. The Retail Individual Investors (RIIs) category was subscribed 11.22 times.

The issue opened for bidding on Thursday (13 December 2024), and it closed on Monday (17 December 2024). The price band of the IPO was fixed between Rs 397 and 417 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

 

The IPO comprised a fresh issue of equity shares worth up to Rs 1,475 crore and an offer for sale aggregating up to Rs 2,750 crore by existing shareholders.

The objectives of the fresh issue include Rs 1,300 crore for the acquisition of the IGI Belgium Group and IGI Netherlands Group from the promoter, with the remaining amount allocated for general corporate purposes.

BCP Asia II TopCo is the promotor. The promoters and promoter group hold a total of 39,67,83,045 equity shares, aggregating to 100% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 76.55%.

Ahead of the IPO, International Gemmological Institute (India) on Thursday, 12 December 2024, raised Rs 1,900.34 crore from anchor investors. The board allotted 4.55 crore shares at Rs 417 each to 68 anchor investors.

International Gemmological Institute (IGI) (India) provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewelry, and colored stones, as well as the offering of educational programs.

IGI is one of the most established and reputed certifiers in the global market. IGI India was the first international laboratory for diamond, studded jewelry, and colored stone certification. IGI India is responsible for operating the business under the "IGI" brand exclusively in India and Turkey.

On a pro forma basis, the firm registered consolidated net profit of Rs 316.83 crore and income from operations of Rs 788.16 crore for the nine months ended on 30 September 2024.

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