International Gemmological Institute shares list at 22% premium on bourses

International Gemmological Institute (IGI) IPO listing today: Shares of International Gemmological Institute (India) made a decent D-Street debut on Friday, December 20, 2024, in an otherwise weak market. On the National Stock Exchange (NSE), IGI shares listed at Rs 510, reflecting a premium of 22.30 per cent per share against the issue price of Rs 417.

 

IGI shares listed at Rs 504.85 apiece on the BSE, reflecting a slightly lower premium of 21.06 per cent over the IPO allotment price.

 

IGI IPO listing came below the grey market expectations. Ahead of listing, the unlisted shares of IGI were trading at Rs 576, reflecting a Grey Market Premium (GMP) of Rs 159 or 38.13 per cent over the allotment price of Rs 417, according to sources tracking grey market activity. 

 

IGI IPO was available at a price band of Rs 397–Rs 417 per share with a lot size of 35 shares. The public offering closed with a subscription of 33.78 times by the end of the subscription period on Tuesday, December 17, 2024, as per BSE data. IGI IPO witnessed the highest demand from Qualified Institutional Buyers (QIBs), who subscribed to 45.80 times the quota reserved for them.

 

The Rs 4,225 crore public offering of IGI comprises a fresh issue of 35,371,702 equity shares, and an offer for sale of 65,947,242 equity shares with a face value of Rs 2 apiece.

 

The company will not receive the proceeds from the offer for sale, which will be given to the shareholders offloading their stakes. However, the proceeds from the fresh issue, IGI intends to utilise the net proceeds towards funding payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from the promoter and for general corporate purposes.

 

KFin Technologies serves as the registrar for the issue, while Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets are the book-running lead managers.

 

The International Gemmological Institute (India) is a leading authority on diamond, gemstone, and jewelry certification. Utilising international standards, IGI provides comprehensive grading reports that analyze stone characteristics. In addition to its laboratory services, IGI offers educational programs, degree plans, and research services, with a global network of 31 laboratories. The company's expertise encompasses diamond grading, colored stone evaluation, and finished jewelry assessment, with a presence spanning multiple countries.