Shares of International Gemmological Institute (India) are set to make their Dalal Street debut on Friday, December 20. The diamond certification player is headed for a strong listing at the bourses, if one goes by the signals from the grey market, which has been marching higher after recent listings.
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. The GMP improved following a series of recent debuts earlier this week. GMP stood at Rs 90, when the issue had closed for subscription.
The IPO of Mumbai-based 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 company raised a total of Rs 4,225 crore via IPO, which was 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 subscribed 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 three-day 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 analysts. Axis Capital, Kotak Mahindra Capital, Morgan Stanley India and SBI Capital Markets were the book running lead managers of the International Gemmological Institute IPO, while Kfin Technologies was the registrar for the issue.