Market News
2 min read | Updated on December 19, 2024, 08:01 IST
SUMMARY
International Gemmological Institute IPO, with a price range of ₹397-₹417 per share, was a mix of shares worth ₹1,475 crore and an offer-for-sale (OFS) of ₹2,750 crore.
International Gemmological Institute had mobilised ₹1,900 crore from anchor investors.
International Gemmological Institute IPO allotment status was finalised on Wednesday, December 18. Investors who bid on the diamond grading firm's public offer can check the finalisation details on the NSE, BSE, and Kfin Technologies websites.
The ₹4,225 crore offer received bids for 197.83 crore shares against 5.85 crore equity shares on offer. The portion for qualified institutional buyers attracted 45.80 times the subscription, while the portion for non-institutional investors received 24.84 times the subscription. The retail quota received 11.21 times the subscription.
The company will use the money raised to acquire IGI Belgium Group and IGI Netherlands Group from the promoter and for corporate general purposes.
Shares of the International Gemmological Institute will be listed on the NSE and the BSE on Friday, December 20.
International Gemmological Institute (India) certifies and accredits natural diamonds, studded jewellery, laboratory-grown diamonds and coloured stones.
For the nine-month period ending September 2024, the company posted a revenue of ₹569.35 crore and a profit after tax of ₹326.06 crore.
BCP Asia II TopCo Pte Ltd is the sole promoter of the company, holding a 100% stake. Post-IPO, the stake will be reduced to 76.55%.
Kotak Mahindra Capital Company, SBI Capital Markets, Axis Capital and Morgan Stanley India Company are the issue's book-running lead managers.
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