International Gemmological Institute IPO: Subscription status, latest GMP & more

The initial public offering (IPO) of International Gemmological Institute (India) saw a muted response from the investors during the second day of the bidding process. The issue, which opened for bidding on Friday, December 13, was overall booked 17 per cent on the first day of subscription.

International Gemmological Institute is selling its shares in the price band of Rs 397-417 apiece. Investors can apply for a minimum of 35 shares and its multiples thereafter. It is looking to raise Rs 4,226 crore via IPO, which includes a fresh share sale of Rs 1,475 crore and offer-for-sale (OFS) of up to 2,750 crore.

According to the data, the investors made bids for 2,90,71,980 equity shares, or 50 per cent, compared to the 5,85,60,902 equity shares offered for the subscription by 2.30 pm on Monday, December 16. The three-day bidding for the issue shall conclude on Tuesday, December 13.

The allocation for retail investors was subscribed 1.89 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 52 per cent. Portion for employees was booked 51 per cent. However, the quota set aside for qualified institutional bidders (QIBs) was booked merely one per cent as of the time.

Incorporated in 1999, International Gemmological Institute is a globally recognized organization certifying and grading diamonds, gemstones, and jewellery. International Gemmological Institute IPO 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 grey market premium of International Gemmological Institute has seen some rise despite the rising volatility and muted bidding. Last heard, the company was commanding a premium of Rs 110-115 in the unofficial market, suggesting a listing gain of 27-28 per cent for the investors. However, the premium in the grey market stood around Rs 95 on the first day of the bidding.

International Gemmological Institute 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. It has reserved shares worth Rs 2 crore for the eligible employees of the company, who will get a discount of Rs 39 apiece. 75% of the net offer for QIBs, 15 per cent NIIs and 10 per cent for retail investors.

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.