International Gemmological Institute (India) will launch its initial public offering (IPO) on Friday, December 13. The company will be offering its shares in the range of Rs 397-417 apiece, for which investors can apply for a minimum of 35 equity shares and its multiples thereafter. The issue will close for bidding on Tuesday, December 17.
Incorporated in 1999, Mumbai-based International Gemmological Institute 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. These reports include details about the stone's colour, cut, clarity, and carat weight.
The Rs 4,225 crore- IPO of International Gemmological Institute includes a fresh share sale of Rs 1,475 crore, while its promoter BCP Aisa II TopCo will offload shares worth Rs 2,750 crore. The net proceeds from the issue shall be utilized towards the acquisition of IGI Belgium Group and IGI Netherlands Group and general corporate purposes.
International Gemmological Institute offers education courses and degree plans for the gem and jewellery trade and has a research department. IGI operates 31 laboratories worldwide that grade finished jewellery, natural diamonds, lab-grown diamonds, and gemstones. Additionally, it has 18 gemology schools that graduate thousands of students each year.
IGI has a network of 20 laboratories and 9 schools under the Pre-Acquisition Group as of September 30, 2024. IGI's certification business operates through 31 branches and laboratories in 10 countries, including key markets like Surat and Mumbai in India, Antwerp, New York, Bangkok, Dubai, Hong Kong, and Shanghai.
International Gemmological Institute (India) reported a net profit of Rs 326.06 crore with a revenue of Rs 619.49 crore for the six months ended on September 30, 2024. The company's bottomline stood at Rs 324.74 crore with a revenue of Rs 648.66 crore for the financial year 2023-24. The anchor book for the issue will open on Thursday, December 12.
International Gemmological Institute has reserved shares worth Rs 2 crore for the eligible employees of the company, who will get a discount of Rs 39 apiece. It has reserved 75 per cent of the net offer for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the allocation. Retail investors will have 10 per cent of reservation in the IPO.
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets are the book running lead managers of the International Gemmological Institute IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Friday, December 20 as the tentative date of listing.