Diamond Grading Firm's IPO Gleams with Strong Investor Interest

International Gemmological Institute (India) Ltd's IPO subscribed 17% on day one. Retail investors subscribed 70%, while non-institutional investors at 14%. The Rs 4,225-crore IPO includes fresh shares worth Rs 1,475 crore and a Rs 2,750 crore Offer-for-Sale. Funds target acquisitions and general purposes.

On its opening day, the initial public offering of International Gemmological Institute (India) Ltd gained significant traction, securing 17% subscriptions. The IPO, launched on December 17, attracted bids for 98,72,800 shares compared to the 5,85,60,902 shares on offer, according to data provided by NSE.

The interest among Retail Individual Investors was especially notable, reaching a 70% subscription rate, while non-institutional investors accounted for a 14% subscription. Supported by Blackstone, the firm garnered Rs 1,900 crore from anchor investors earlier.

The IPO, valued at Rs 4,225 crore, merges new equity issuance worth Rs 1,475 crore with an Offer-for-Sale from promoter BCP Asia II TopCo Pte Ltd, a Blackstone affiliate. The proceeds are earmarked for acquiring the IGI Belgium and Netherlands groups, alongside other corporate purposes.

(With inputs from agencies.)