Last Updated:
International Gemmological Institute (India) on Monday fixed a price band for its Rs 4,225 crore IPO
At the upper end of the price band, IGI’s market capitalisation is estimated to exceed Rs 18,000 crore.
Blackstone-backed International Gemmological Institute (India) Ltd (IGI) announced on Monday a price band of Rs 397-417 per share for its Rs 4,225-crore Initial Public Offering (IPO). The IPO will open for subscription on December 13 and close on December 17, with bidding for anchor investors scheduled for December 12.
Fresh Issue and Offer for Sale
The IPO comprises a fresh issue of equity shares worth Rs 1,475 crore and an Offer for Sale (OFS) of shares valued at Rs 2,750 crore by the promoter, BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone. The proceeds from the fresh issue will be used to acquire IGI Belgium Group and IGI Netherlands Group and for general corporate purposes.
International Gemmological Institute IPO Price Band
The company has fixed a price band of Rs 397-417 per share for its Rs 4,225-crore IPO.
Market Capitalisation and Business Overview
At the upper end of the price band, IGI’s market capitalisation is estimated to exceed Rs 18,000 crore. The company specialises in certification and accreditation services for natural diamonds, laboratory-grown diamonds, studded jewellery, and coloured stones. IGI is the world’s second-largest independent certification services provider for diamonds, with a global market share of approximately 33 per cent, according to a report by Redseer.
Investor Allocation and Lot Size
The IPO has reserved 75 per cent of the issue size for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 35 shares and in multiples of 35 thereafter.
Lead Managers and Listing
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets are the book-running lead managers for the IPO. The company’s equity shares are expected to be listed on the BSE and NSE on December 20.
