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- By Aditya Pratap Singh
- Mon, 09 Dec 2024 01:30 PM (IST)
- Source:JND
The Rs 4,225 crore initial public offering (IPO) of International Gemological Institute (India) Ltd will open for public subscription next Monday i.e. December 13. The initial share sale will remain open till December 17 and bidding for anchor investors will open for a single day on December 12. The IPO comprises a fresh issue of Rs. 1,475 crore equity shares and a Rs. 2,750 crore offer for sale (OFS) combination by promoter BCP Asia II Topco Pte Ltd., a subsidiary of Blackstone.
The company intends to use the proceeds from the fresh issue to purchase IGI Belgium Group and IGI Netherlands Group by the promoter and for general corporate purposes.
The company's market capitalization is estimated to be Rs. 18,000 crores at the top of the price band. International Gemological Institute (India) Ltd. offers services relating to the certification and accreditation of natural diamonds, lab-grown diamonds, studded jewellery, and coloured stones.
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According to a RedSeer report, IGI is the world's second-largest independent certification and accreditation service provider by revenue by CY2023, with a global market share of approximately 33% among global competitors for diamond, studded jewellery, and coloured stone certification.
The company stated that it has allocated 75% of the issue size to qualified institutional buyers (QIBs), 15% to non-institutional investors, and the remaining 10% to retail investors.
Investors can start with a minimum of 35 shares and bid in multiples of 35 after that.
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets are the book-running lead managers to the issue. The company's equity shares are expected to be listed on BSE and NSE on December 20th.
(With Agencies Inputs)