International Gemmological Institute IPO allotment: Check application status & latest GMP

The International Gemmological Institute is likely to finalize the basis of allotment of its shares on Wednesday, December 19. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Thursday, December 19. The diamond certification player saw a strong response from the investors during the bidding process.

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 a 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.

The grey market premium of International Gemmological Institute has seen some correcting due to the rising volatility and mixed bidding. Last heard, the company was commanding a premium of Rs 90 in the unofficial market, suggesting a listing gain of 22 per cent for the investors. However, the premium in the grey market stood around Rs 125 a day ago.

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 IPO of International Gemmological Institute had received mostly positive reviews from the analysts. Analysts were positive on the company thanks to its robust business model, specialized business, strong position in the global markets and consistent financials. However, rich valuations and entire funds going to the promoters were the major concerns for the issue.

Axis Capital, Kotak Mahindra Capital, Morgan Stanley India 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 shall be listed on both BSE and NSE on Friday, December 20.
 

Investors, who had bid for the issue of International Gemmological Institute, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select International Gemmological Institute Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of KFin Technologies Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately\

7) Hit submit.