Shares of Blackstone-backed International Gemmological Institute Ltd. closed on the National Stock Exchange on Friday at Rs 468.45 apiece, a premium of 12.3% over the issue price of Rs 417.
On the BSE, the stock closed at 465.10, with a listing day gain of 11.53%. Shares of the company fell as much as 8.15% on the NSE and 7.87% on the BSE intraday.
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The stock debuted on the NSE at Rs 510 apiece at a premium of 22.30% over issue price of Rs 417. The stock listed on the BSE at Rs 504.85 per share, marking a premium of 21.07%.
The 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.
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