International Gemmological Institute IPO to Open on December 13

9 Dec 2024 , 02:50 PM

International Gemmological Institute IPO will open on Friday, December 13, 2024. It would be open for subscription until Tuesday, December 17. The size of the IPO is ₹4,225 crore. That includes ₹1,475 crore from newly issued shares and ₹2,750 crore from an offer for sale (OFS) by the promoter, BCP Asia II TopCo Pte. Ltd. The share price is fixed between ₹397 to ₹417.

IGI plans to use ₹13,000 million of the issue proceeds for acquisition of IGI Belgium and IGI Netherlands wholly owned subsidiary of the promoter. The remaining amount would be used for general corporate purposes.

In the IPO, 75% allowed by institutions, 15% not allowed by institutions and 10% by the retail investors. In the IPO, retail investors may apply for shares in multiples of 35 as minimum investment of ₹14,595.

The allotment is scheduled to be completed on Wednesday, 18 December. Investors who have been successful will get the shares credited to their demat accounts on Thursday, 19 December. The unsuccessful bidders will also get refunds on the same day. IGI Shares will likely list on both NSE and BSE on Friday, 20 December.

The company grades and evaluates colored gemstones like rubies and emeralds and publishes reports on the quality of these stones. The Institute offers professional and amateur courses in gemology, diamond grading, and jewelry design.

Company’s earnings are growing well up to ₹3,260.60 million for nine months ended September 30, 2024. This is a rise of 36.6% as compared to the same period previous year. Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets manage the IPO process. The registrar for this offer is KFin Technologies.