Blackstone's International Gemmological Institute (India) Files for Rs 4,000 Crore IPO

The Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd has submitted preliminary documents to SEBI for a Rs 4,000 crore IPO. The IPO includes a fresh issue worth Rs 1,250 crore and an OFS valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd. The funds will be utilized for acquiring IGI Belgium Group and IGI Netherlands Group and general corporate purposes.

Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd, has filed preliminary papers with capital markets regulator SEBI to float Rs 4,000 crore through an initial public offering (IPO).

The proposed IPO is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP).

The company plans to utilize the proceeds from the fresh issue to acquire IGI Belgium Group and IGI Netherlands Group and for general corporate purposes. International Gemmological Institute (India) Ltd provides services for the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery, and coloured stones.

IGI ranks as the world's second-largest independent provider of certification and accreditation services by revenue for CY2023 among global peers for diamond, studded jewellery, and coloured stones certifications, boasting a global market share of approximately 33 per cent, as per the Redseer Report.

Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, and SBI Capital Markets are the book-running lead managers for the issue.