Upcoming IPO: International Gemmological Institute IPO opens on December 13; check the price band, GMP, other details
Upcoming IPO: The International Gemmological Institute IPO will hit the Indian primary market on December 13. The price band is set between ₹397- ₹417, and the offer will close on December 17.
Upcoming IPO: International Gemmological Institute IPO is set to hit the Indian primary market on Friday, December 13. The ₹4,225 crore book-built issue, which combines a fresh issue and an offer for sale (OFS), will conclude on Tuesday, December 17.
The company has fixed the price band of ₹397- ₹417 for the issue.
International Gemmological Institute IPO details
The International Gemmological Institute IPO combines a fresh issue of shares worth up to ₹1,475 crore and an OFS of up to ₹2,750 crore by BCP Asia II TopCo Pte. Ltd, the promoter of the jewellery certifier.
The company intends to use the net proceeds from the issue to acquire 100 per cent of the share capital of IGI Belgium Group and IGI Netherlands Group from its promoter. Some of the net proceeds will be used for general corporate purposes.
"Our company proposes to utilize ₹13,000 million from the net proceeds to acquire the entire shareholding of our promoter in IGI Belgium and IGI Netherlands, together with the rights attaching to such shareholding," said the company in its RHP.
Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited are the book-runners of the public issue. KFin Technologies Limited is the registrar for the offer.
As much as 75 per cent of the public issue is reserved for qualified institutional buyers (QIBs), and 15 per cent will be allocated to non-institutional investors (NIIs). The company has reserved 10 per cent of the net offer for retail investors.
Investors can bid in lots and one lot contains 35 shares. This means the minimum bid amount required for retail investors is ₹14,595.
After the completion of the subscription period, the company is expected to finalise share allotment on Wednesday, December 18. Shares of the company will be credited in demat accounts of successful bidders on the following day, i.e. Thursday, December 19. Those who fail to get the allotment will get the refund on Thursday.
The stock may be listed on the NSE and the BSE on Friday, December 20.
International Gemmological Institute IPO GMP
According to market sources, the latest grey market premium (GMP) of the International Gemmological Institute IPO is ₹111. Considering the upper price band of the issue at ₹417, the stock is expected to be listed at ₹528, at a premium of nearly 27 per cent.
International Gemmological Institute (India) business overview
According to the RHP, International Gemmological Institute (India) provides comprehensive diamond grading. Moreover, it also evaluates the quality and authenticity of coloured stones, including rubies, sapphires, emeralds, and other precious and semi-precious stones, and issues grading reports detailing their characteristics.
The company also conducts educational programs and courses in gemology, diamond grading, jewellery design, and related subjects for professionals and enthusiasts in the diamonds, studded jewellery and coloured stones industry.
For the nine-month period ended September 30, 2024, the company earned a profit of ₹3,260.60 million, up 36.60 per cent YoY against a profit of ₹2,386.94 million for the corresponding period a year ago.
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