International Gemological Institute IPO to Open on December 13, 2024
BILKULONLINE
Ahmedabad, Dec 10: The International Gemological Institute (IGI), a global leader in diamond certification and accreditation, is set to launch its highly anticipated initial public offering (IPO) on December 13, 2024.
The IPO will consist of 101,318,944 equity shares with a face value of ₹2 each, aiming to raise ₹4,225 crore. The issue price band is set at ₹397-₹417 per share.
Company Overview
Founded in Antwerp, Belgium, in 1975, IGI is the world’s second-largest diamond certification provider, specializing in grading natural and laboratory-grown diamonds. The company also certifies studded jewelry, colored stones, and semi-precious stones, holding a 50% market share in India for diamond and jewelry certification. IGI’s in-depth grading processes, including fluorescence testing and diamond symmetry analysis, make it a trusted name in the industry.
The management emphasized the strategic importance of this IPO in fueling IGI’s next phase of growth. The book-built issue is expected to attract significant interest, given IGI’s strong market presence and impressive financial performance, making it an attractive opportunity for long-term investors.
IPO Details
The IPO includes a fresh issue worth ₹1,475 crore and an offer for sale by promoters, BCP Asia II Topco II Pte Ltd. Investors can bid for a minimum lot of 35 shares, requiring an application amount of ₹14,595. Retail investors can apply for up to 13 lots (455 shares) with a total application amount of ₹1,89,735.
The IPO closes on December 17, 2024, with the allotment date scheduled for December 18, and listing expected on December 20, 2024, on the BSE and NSE. The quota allocation is 10% for retail investors, 15% for High Net-worth Individuals (HNIs), and 75% for Qualified Institutional Buyers (QIBs).
Management Speaks at Ahmedabad
Ahead of the IPO, IGI’s Managing Director and CEO, Tehmasp Printer, along with Chief Financial Officer Eashwar Iyer and Prateek Roongta, Managing Director of Blackstone, addressed the media in Ahmedabad. They provided insights into the company’s strong market position, financial performance, and the strategic rationale behind the IPO. Abhin Oswal from Kotak Mahindra Capital Company Limited, one of the lead managers of the issue, was also present to discuss the offering’s structure and expected market response.
Financial Highlights
IGI reported revenue of ₹648.66 crore in December 2023, up from ₹499.33 crore in December 2022, marking a growth of 29.9%. Profit for the same period increased to ₹324.74 crore from ₹241.76 crore, showcasing robust financial health.
Use of Proceeds
Proceeds from the IPO will be utilized for:
Payment for the acquisition of IGI Belgium Group and IGI Netherlands Group from the promoter.
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