International Gemmological Institute Raises Rs 1,900 Crore From Anchor Investors Ahead Of IPO
The initial public offering is a mix of both fresh issue and offer for sale of Rs 1,475 crore and Rs 2,750 crore respectively.
International Gemmological Institute (India) Ltd. raised Rs 1,900 crore from anchor investors on Thursday ahead of the launch of its initial public offering.
The company allotted 4.55 crore shares at Rs 417 apiece to 68 anchor investors. The investors include ICICI Prudential Innovation Fund, Government Pension Fund Global, Abu Dhabi Investment Authority-Monsoon and Government of Singapore, according to an exchange filing.
Government of Singapore secured 9.43% of the allocation, ICICI Prudential Large and Mid-Cap Fund, ICICI Prudential Flexi Cap Fund and ICICI Prudential Bharat acquired 2.6% each.
Nine domestic mutual funds have applied through a total of 33 schemes. They have collectively netted 33.41% of the anchor portion for approximately Rs 635 crore, the filing stated. Axis Bank, through four of its funds, has obtained an allocation of 5.27%, while ICICI Prudential Mutual Funds acquired 11.05% through its five funds.
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International Gemmological Institute's IPO is a mix of both fresh issue and offer for sale of Rs 1,475 crore and Rs 2,750 crore respectively. The price band is set at a range of Rs 397 to Rs 417 per share.
The company will utilise part of its net proceeds to acquire 100% of the share capital of IGI Belgium Group and IGI Netherlands Group from their promoter — BCP Asia II TopCo Pte. After the acquisition, the rest of the proceedings will be injected towards general corporate purposes as approved by the management.
Axis Capital Ltd., Kotak Mahindra Capital Co., Morgan Stanley India Co. and SBI Capital Markets Ltd. are the book-running lead managers for the issue and KFin Technologies Ltd. is the registrar for the offer, according to the DRHP.
The International Gemmological Institute specialises in offering independent grading reports that assess and certify the qualities of gemstones, following globally recognised standards. These reports provide detailed information on essential attributes like colour, cut, clarity and carat weight.
