Glistening Opportunity: IGI IPO Shines Bright with 33.78x Subscription

International Gemmological Institute (India) Ltd's IPO received significant interest, with 33.78x oversubscription. The offering, consisting of fresh equity shares and an OFS, is valued at Rs 4,225 crore. Proceeds will support IGI's acquisition of Belgium and Netherlands units. Shares will list on BSE and NSE.

The IPO of the International Gemmological Institute (India) Ltd closed with a hefty 33.78 times oversubscription, reflecting strong market interest. The offering, worth Rs 4,225 crore, received bids for nearly 198 million shares compared to the 5.85 million on offer.

Particularly notable was the response from Qualified Institutional Buyers (QIBs), whose segment was subscribed 45.80 times. Non-institutional investors subscribed 24.84 times, while Retail Individual Investors (RIIs) subscribed 11.21 times, according to the data from the NSE.

Backed by Blackstone, IGI mobilized Rs 1,900 crore from anchor investors. The issue features a price band of Rs 397-417 per share and comprises a fresh issue valued at Rs 1,475 crore, complemented by an Offer-for-Sale (OFS) worth Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, affiliated with Blackstone. IGI aims to utilize the proceeds for acquiring IGI Belgium and Netherlands units and general corporate purposes.

(With inputs from agencies.)