International Gemmological Institute India: IPO Market Sparkle

International Gemmological Institute India's shares surged nearly 13% above the issue price after its IPO, demonstrating significant investor interest. The IPO raised Rs 4,225 crore, with shares priced between Rs 397-417. Proceeds are intended for acquisitions and corporate purposes. Subscription reached 33.78 times on the final bidding day.

Shares in the diamond grading firm International Gemmological Institute India ended Friday with a notable 13% premium over their initial offering price of Rs 417, signaling strong market enthusiasm.

The stock debuted at Rs 504.85 on the Bombay Stock Exchange, a 21% rise from its issue price, eventually reaching Rs 525 during the day. It closed at Rs 470.15, marking a 12.74% overall gain. On the National Stock Exchange, the shares opened at Rs 510, rallying by 22.30% before closing with a 12.98% increase at Rs 471.15. The company's market valuation was pegged at Rs 20,317.99 crore.

Substantial trading activity was recorded with 51.11 lakh shares exchanged on the BSE and 641.51 lakh shares on the NSE. The IPO of Rs 4,225 crore was oversubscribed 33.78 times by the final bidding day. The IPO featured a new equity issue worth Rs 1,475 crore alongside an Offer For Sale valued at Rs 2,750 crore from BCP Asia II TopCo Pte Ltd, Blackstone's affiliate. Proceeds are earmarked for acquiring the IGI Belgium and Netherlands Groups, besides meeting general corporate needs.

(With inputs from agencies.)