International Gemmological Institute share price hits 5% lower circuit as shareholder lock-in period ends

The stock declined 5% to ₹288.8 apiece, its lower-circuit mark, on the National Stock Exchange (NSE).

As many as 2.28 crore shares of the International Gemmological Institute became qualified for trading on Tuesday, marking the end of the three-month lock-in period.

The end of the shareholder lock-in period does not mean that all equity shares will be sold in the open market, but they will become eligible for trading.

International Gemmological Institute (IGI) shares were listed at ₹510 apiece on the NSE, reflecting a premium of 22.3% over the issue price of ₹417 a unit.

It hit its all-time low of ₹282 per share on March 12 and recorded a 52-week high of ₹642.30 per unit on January 9.

The ₹4,225 crore IGI IPO got 33.78 times subscription. The qualified institutional buyers (QIBs) led the bidding, subscribing their quota 45.80 times, while the non-institutional investors (NIIs) portion was booked 24.84 times. The retail investors part was subscribed 11.21 times.

The initial share was ₹1,475 crore worth of fresh issue and an offer for sale component aggregating to ₹2,750 crore.

IGI reported a 6% jump in its revenue from operations to ₹265 crore in the fourth quarter of the calendar year 2024 as against ₹249.9 crore in the same period last year.

Net profit increased 45% to ₹113.78 crore in the reporting quarter, compared to ₹78.4 crore a year back.

"With a 33% global market share in diamond certification and 65% in lab-grown diamonds, we continue to expand our presence and enhance our service offerings," Tehmasp Printer, Managing Director and CEO of IGI, said.