IGI (India) Ltd. announces Rs. 4,225 Crore IPO; opens December 13  

Priced between Rs. 397 and Rs. 417 per share, the IPO opens on December 13, 2024, and closes on December 17, 2024. The funds are to be used to finance the acquisition of IGI Belgium and IGI Nederland for 1300 crores and corporate purposes 

New Delhi: International Gemmological Institute (India) Ltd. (IGI) has announced the launch of its Initial Public Offering (IPO), which will open for subscription on Friday, December 13, 2024. The company is offering equity shares worth Rs. 4,225 crores (Rs. 42.25 billion), with a fresh issue of shares valued at Rs. 1,475 crore and an offer for the sale of shares amounting to Rs. 2,750 crores. 

The price band for the IPO has been set between Rs. 397 and Rs. 417 per share, with a minimum bid requirement of 35 equity shares, and subsequent bids in multiples of 35 shares. The issue will remain open until Tuesday, December 17, 2024. Additionally, a discount of Rs. 39.7 to Rs. 41.7 per share will be available for eligible employees who participate in the Employee Reservation Portion. 

The funds raised through this IPO will primarily be utilized to fund the acquisition of IGI Belgium and IGI Netherlands, with an estimated cost of Rs. 1,300 crore. The remaining proceeds will be allocated for general corporate purposes, further strengthening IGI’s position in the global gemmological certification industry. 

The offer for sale will see shares sold by the company’s promoter, BCP Asia II TopCo Pte. Ltd., who will offer up to Rs. 2,750 crore worth of equity. The IPO will be managed by Axis Capital, Kotak Mahindra Capital, Morgan Stanley India, and SBI Capital Markets as Book Running Lead Managers. 

Tehmasp Printer, IGI’s Managing Director and CEO, expressed enthusiasm about the company’s future, saying, “This is a major milestone for IGI. With Blackstone’s support, we are excited to take our 50-year-old global business public in India.” Printer also highlighted IGI’s pioneering role in India’s gemmological certification sector and its potential for continued growth. 

Amit Dixit, Head of Private Equity Asia at Blackstone, emphasized the strong growth prospects for IGI, noting, “We are proud to support IGI as it continues to expand its offerings and strengthen its market position globally.” 

The IPO will be conducted through the Book Building Process, with allocations of shares to Qualified Institutional Buyers (QIBs), Non-Institutional Bidders, Retail Individual Bidders, and Eligible Employees. The proceeds from the IPO are expected to fuel IGI’s strategic expansion, enhancing its global leadership in the certification of lab-grown diamonds and other segments. 
 

The Retail Jeweller India News