International Gemmological Institute IPO sees 17% subscription on Day 1, retail leads; check latest GMP

International Gemmological initial public offer (IPO) opened in the primary market today for public subscription after garnering Rs 1,900 crore from anchor investors a day before.

International Gemmological initial public offer (IPO) opened in the primary market today for public subscription after garnering Rs 1,900 crore from anchor investors a day before.

The Rs 4,225 crore initial share sale of the Blackstone-backed diamond grading firm International Gemmological Institute (India) Ltd got subscribed 17 percent on the first day of bidding on December 13.

The three-day initial public offer (IPO) got bids for 98.72 lakh shares against 5.85 crore shares on offer, according to data available with the NSE.

The portion for non-institutional investors attracted 14 percent subscription while the share of Retail Individual Investors (RIIs) got subscribed 70 percent.

The issue, with a price band of Rs 397 to Rs 417 per share, opened for subscription on December 13 and will conclude on December 17.

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International Gemmological Institute IPO GMP 

Shares of the company opened for public subscription today, however, it is already commanding 18 percent grey market premium (GMP) over the IPO price. Investorgain quoted a GMP of Rs 75 for the shares of the company in the unofficial market.

The mainboard issue is a combination of a fresh issue of equity shares worth Rs 1,475 crore and an Offer-for-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone.

The company proposes to utilize the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter; and general corporate purposes.

International Gemmological Institute (India) IPO: Will bourses certify the gem?

At the upper-end of the price band, the company's market capitalisation has been pegged at over Rs 18,000 crore.

International Gemmological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones.

International Gemmological Institute shares are expected to be listed on the BSE and NSE on December 20. The allotment is likely to take place on December 18.

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