Shares of International Gemmological Institute (India) made a decent Dalal Street debut on Friday, December 20 as the diamond certification player was listed at Rs 510 on NSE, a premium 22.30 per cent over the given issue price of Rs 417. Similarly, the stock kicked-off its maiden trading session with a premium of 21.07 per cent at Rs 504 on BSE.
The listing of the International Gemmological Institute has been below the expected lines. Ahead of listing, International Gemmological Institute was commanding a grey market premium (GMP) of Rs 140 in the unofficial market, suggesting a listing for the investors of 34 per cent. GMP stood at Rs 90 on the last day of the bidding.
The IPO of International Gemmological Institute was open for bidding between December 13 and December 17. It had offered its shares in the price band of Rs 397-417 per share with a lot size of 35 shares. The Mumbai-based company raised a total of Rs 4,225 crore via IPO, which included a fresh share sale of Rs 1,475 crore and offer-for-sale (OFS) of up to Rs 2,750 crore.
The issue was overall booked 33.78 times. The allocation for the qualified institutional bidders (QIBs) was subscribed 45.80 times The portion allocated for non-institutional investors (NIIs) was subscribed 24.84 times. Allocations for retail investors and employees were booked 11.21 times and 20.63 times, respectively, during the bidding process.
Incorporated in February 1999, International Gemmological Institute (India) is a globally recognized organization certifying and grading diamonds, gemstones, and jewellery. IGI provides independent grading reports that analyze and certify the characteristics of stones using internationally recognized standards.
The International Gemmological Institute IPO had received mostly positive reviews from the brokerage firms. Kotak Mahindra Capital, Axis Capital, Morgan Stanley India and SBI Capital were the book running lead managers of the International Gemmological Institute IPO, while Kfin Technologies served as the registrar for the issue.