Blackstone-backed International Gemmological Institute's initial public offering, worth Rs 4,225 crore, will remain open for subscription from Dec. 13 to Dec. 17. The IPO comprises a fresh issue of 3.54 crore shares amounting to Rs 1,475 crore, and an offer for sale of 6.59 crore shares aggregating to Rs 2,750 crore.
With a price band of Rs 397 to Rs 417 per share, retail investors can apply for a minimum lot of 35 shares requiring an investment of Rs 14,595. For small non-institutional investors, the minimum investment size is 14 lots, or 490 shares, amounting to Rs 2,04,330. For big NIIs, it is 69 lots, or 2,415 shares, for Rs 10,07,055.
The allotment of shares is expected to be finalised on Dec. 18. The tentative date of listing on the BSE and NSE is Dec. 20.
IGI India IPO Details
Issue opens: Dec 13
Issue closes: Dec. 17
Issue price: Rs 397–417
OFS size: Rs 2,750 crore
Fresh issue size: Rs 1,475 crore
Total issue size: Rs 4,225 crore
Lot size: Minimum 35 shares, and then in multiples thereof.
Use Of Proceeds
Acquisition Payment: A portion of the net proceeds will be used to pay the purchase consideration for acquiring IGI Belgium Group and IGI Netherlands Group from the Promoter.
General Corporate Purposes: The remaining funds will be allocated towards general corporate expenses to support the company's operational and strategic goals.
Business
International Gemmological Institute, or IGI, specialises in providing independent grading reports that evaluate and certify the characteristics of gemstones, adhering to globally recognised standards. These reports detail key attributes such as colour, cut, clarity, and carat weight.
Alongside certification services, IGI runs education programs and degree courses tailored for the gem and jewelry industry, supported by its dedicated research department.
With a global presence, IGI operates 31 laboratories that assess finished jewelry, natural diamonds, lab-grown diamonds, and gemstones, as well as 18 gemology schools, which train thousands of students annually.
Financial Performance
IGI has reported robust financial performance, with revenue from operations in fiscal 2023-24 at Rs 639 crore, compared to Rs 490.99 crore in fiscal 2023.
The company's earnings before interest, taxes, depreciation and amortisation rose to Rs 450 crore in fiscal 2024 from Rs 335 crore in fiscal 2023. The margins improved to 70% from 68% in the same period.
The net profit in the previous fiscal has increased to Rs 325 crore, as compared to Rs 242 crore in fiscal 2023.
The company follows January-December as their financial year.
International Gemmological Institute IPO: Key Risks
The risks for IGI, as underlined in the pre-IPO documents, include:
Urban demand for jewellery slowing down.
Revenue depends on luxury spending, impacted by slowdowns.
Risk of duplication and fake certification.
International Gemmological Institute IPO GMP
The grey market premium stood at Rs 75 on Friday, projecting a possible listing price of Rs 492, according to InvestorGain. The GMP of Rs 75 marks a significant climbdown from Rs 145, recorded on Dec. 9.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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