- By Aditya Pratap Singh
- Fri, 20 Dec 2024 11:31 AM (IST)
- Source:JND
The shares of diamond grading firm International Gemological Institute India Limited debuted on stock exchanges with a premium of more than 22% over its issue price of Rs. 417 on Friday. The stock was listed at Rs 504.85, 21 per cent higher on BSE compared to the issue price and later the stock climbed 25.89 per cent to touch Rs 525 mark. On the NSE, it opened at Rs 510, up 22.30 per cent.
The company's market capitalization stood at Rs. 20,523.26 crore. On Tuesday, the last day of the auction, the IPO of the International Gemological Institute was oversubscribed 33.78 times. The initial public offering price of Rs 4,225 crore was Rs 397 to Rs 417.
Blackstone subsidiary BCP Asia II TopCo Pte Ltd has issued a fresh issue of Rs 1,475 crore worth of ordinary shares and Rs 1,475 crore worth of equity shares. The IPO was a combination of an offer for sale worth Rs 2,750 crore.
The company intends to use the proceeds from the new issue to acquire IGI Belgium Group and IGI Netherlands Group from the promoters and for general corporate purposes. International Gemological Institute (India) Limited provides services related to the certification and authentication of natural diamonds, lab-grown diamonds, set jewellery, and coloured stones.
Stock Market Today
Benchmark equity indices Sensex and Nifty fell in early trade on Friday amid concerns over the US Federal Reserve signalling fewer rate cuts next year and continued foreign fund outflows. The 30-share BSE Sensex fell 214.08 points to 79,003.97 in early trade. The NSE Nifty also fell 63.8 points to 23,887.90.
Among the 30 Sensex stocks, Axis Bank, IndusInd Bank, Tech Mahindra, ITC, JSW Steel, Ultratech Cement, Larsen & Toubro, and HDFC Bank were the top laggards.
