International Gemmological Institute's IPO Shines Bright with Strong Demand

International Gemmological Institute (India) Ltd's IPO, backed by Blackstone, received 72% subscription by the second day. Raising Rs 1,900 crore from anchor investors, the Rs 4,225-crore IPO combines new equity and an Offer-for-Sale. Funds aim to acquire IGI Belgium and IGI Netherlands groups.

The initial public offering (IPO) of the diamond grading enterprise, International Gemmological Institute (India) Ltd, witnessed substantial interest, achieving 72% subscription by the second day of its share sale on Monday.

According to NSE data, the IPO attracted bids for 4,24,06,035 shares against the 5,85,60,902 shares on offer. Specifically, the segment for Retail Individual Investors was subscribed 2.44 times, while non-institutional investors subscribed to 83%. The Qualified Institutional Buyers segment saw a 9% subscription rate.

Backed by Blackstone, the company mobilized Rs 1,900 crore from anchor investors last Thursday. The IPO, priced between Rs 397-417 per share, is set to close on December 17. The Rs 4,225-crore IPO merges a fresh equity issue of Rs 1,475 crore and an Offer-for-Sale by BCP Asia II TopCo Pte Ltd valued at Rs 2,750 crore. This capital will facilitate the acquisition of IGI Belgium and IGI Netherlands Groups, alongside meeting general corporate purposes.