New IPO! Blackstone-owned IGI India files DRHP with Sebi to raise Rs 4k cr

IGI IPO: With this initial public offering, the company is offering a fresh issue of shares worth up to Rs 1,250 crore and an offer for sale of Rs 2,750 crore of equity shares

New IPO! Blackstone-owned International Gemological Institute (India) has filed Draft Red Herring Prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The company provides certification and accreditation services for natural diamonds, laboratory-grown diamonds, studded jewellery, and coloured stones, as well as educational programs. The promoter of the company is BCP Asia II TopCo, an affiliate of funds managed and/or advised by Blackstone affiliates.

Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets are the book-running lead managers for the IGI IPO.

With this initial public offering, the company is offering a fresh issue of shares worth up to Rs 1,250 crore and an offer for sale (OFS) of Rs 2,750 crore of equity shares with a face value of Rs 2 each. The OFS comprises equity shares sold by the promoter, BCP Asia II TopCo, for up to Rs 2,750 crore.

International Gemological Institute proposes to utilise the net proceeds for  payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from the promoter, and for the general corporate purposes.

IGI is one of the world’s largest independent certification and accreditation service providers based on revenue for CY2023, among global peers in diamond, studded jewellery, and coloured stone certifications, with a global market share of approximately 33 per cent based on the number of certifications performed in CY2023, according to the Redseer Report.

According to the Redseer Report, India is the world’s largest centre for cutting and polishing diamonds, accounting for approximately 95 per cent of the world’s total polished diamonds by volume in CY2023. IGI is the largest independent certification and accreditation service provider in India, holding approximately a 50 per cent market share in terms of the number of certifications of diamonds, studded jewellery, and coloured stones for CY2023, IGI India said in a release.