International Gemmological Institute Shares Debut At 22% Premium
The IGI IPO was subscribed 33.78 times on its third and final day.
The share price of International Gemmological Institute Ltd. listed on the BSE on Friday at Rs 504.85 apiece, a premium of 21.07% over the issue price of Rs 417 apiece. The stock listed at Rs 510 per share on the National Stock Exchange, marking a premium of 22.30%.
The company's offering was subscribed 33.78 times as of 7:00 p.m. on its third and final day. On day two, it was subscribed 0.72 times, or 72% and on day one it was subscribed 0.17 times or 17%.
The Blackstone-owned company’s Rs 4,225-crore IPO was a combination of a fresh issue of Rs 1,475 crore and an offer for sale. The promoter, BCP Asia II Topco Pte., was divesting its stake worth Rs 2,750 crore through this IPO. Ahead of the issue, the company raised Rs 1,900 crore from anchor investors.
The net proceeds from the IPO will primarily be utilised to acquire 100% shareholding in the IGI Belgium Group and IGI Netherlands Group from the promoter. A payment of Rs 1,300 crore is earmarked for this acquisition.
Headquartered in Bandra Kurla Complex, Mumbai, IGI provides certification and accreditation services for natural diamonds, laboratory-grown diamonds, studded jewellery, and coloured stones. The company also offers educational programmes in gemmology.
IGI India is part of the larger IGI group, recognised as one of the leading certifiers in the global market, according to the Redseer Report. The pre-acquisition group focuses on similar certification and accreditation services.
