December 20, 2024
New Delhi, India
International Gemological Institute IPO Debut
International Gemological Institute (IGI) shares witnessed a stellar debut on December 20, listing at ₹510 on the National Stock Exchange (NSE), a 22.3% premium over its issue price of ₹417. On the Bombay Stock Exchange (BSE), the stock opened at ₹505, marking a 21% premium.
IPO Details and Market Response
The IGI IPO, valued at ₹4,225 crore, opened for subscription from December 13 to December 17, with a price band of ₹397-417 per equity share. The offering garnered immense demand, being subscribed 35.48 times overall.
- Retail investors booked 11.77 times the reserved portion.
- Non-Institutional Investors (NIIs) subscribed 26.09 times.
- Qualified Institutional Buyers (QIBs) bid 48.11 times, while employees subscribed 21.79 times.
The IPO comprised:
- A fresh issue of 3.54 crore shares, raising ₹1,475 crore.
- An offer-for-sale (OFS) of 6.59 crore shares, amounting to ₹2,750 crore.
Following the IPO, promoter shareholding reduced from 100% to 76.55%.
Use of Proceeds
Proceeds from the IPO will be utilized for acquiring IGI Belgium Group and IGI Netherlands Group from the promoters and for general corporate purposes.
Company Overview
Established in 1999, IGI is a global leader in gem certification, specializing in grading diamonds, gemstones, and jewellery. It operates 31 laboratories and 18 gemology schools worldwide, offering independent grading reports, educational programs, and research.
Key IPO Details
- Lead Managers: Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets.
- Registrar: KFin Technologies Limited.
With its strong listing and global reputation, IGI continues to reinforce investor confidence in its business operations.
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