International Gemmological Institute (India) Ltd.’s initial public offering has been subscribed 0.27 times, or 27%, as of 10:36 a.m. on day two. It was subscribed 0.17 times or 17% on the first day of its subscription on Friday.

The Blackstone-owned company’s Rs 4,225-crore IPO is a combination of a fresh issue of Rs 1,475 crore and an offer for sale. The promoter, BCP Asia II Topco Pte., is divesting its stake worth Rs 2,750 crore through this IPO.

The grey market premium suggests a potential listing gain of 23.74% over the issue’s upper price band. 

Ahead of the issue, the company raised Rs 1,900 crore from anchor investors on Thursday. It allotted 4.55 crore shares at Rs 417 apiece to 68 anchor investors. Nine domestic mutual funds have applied through a total of 33 schemes. 

The three-day IPO will close for subscription on Dec. 17 and is expected to list on the mainboard exchanges on Dec. 20. 

Issue Price

  • Issue opens: Dec. 13.

  • Issue closes: Dec. 17.

  • Issue price: Rs 397 to Rs 417 per share.

  • Fresh issue: Rs 1,475 crore.

  • Offer for sale: Rs 2,750 crore.

  • Total issue size: Rs 4,225 crore.

  • Bid lot: 35 shares.

  • Market value at upper end of price band: Rs 18,021 crore.

  • Listing: BSE and NSE. 

Business

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.

Financial Highlights for 9MFY25:

  • Revenue from operations: Rs 596.4 crore.

  • Ebitda: Rs 429.2 crore.

  • Ebitda margin: 71.97%.

  • Profit after tax: Rs 326.1 crore.

Use Of Proceeds

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.

Subscription Status: Day 2 

The IPO has been subscribed 0.27 times, or 27%, as of 10:36 a.m. on Monday.

  • Qualified institutional buyers: Nil.

  • Non-institutional investors: 0.27 times, or 27%.

  • Retail investors: 1.05 times.

  • Employee Reserved: 3.47 times.

IGI IPO GMP Today

The grey market premium of IGI was Rs 99 as of 9:02 a.m. on Monday, according to Chittorgarh’s unit InvestorGain. The estimated listing price based on the GMP is Rs 516 per share, implying a premium of 23.74%.

GMP is not an official price quote for the stock and is based on speculation. 

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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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