Mumbai, December 9, 2024: The International Gemmological Institute (IGI) will open its Initial Public Offering (IPO) on December 13, 2024, with a total offer size of Rs. 4,225 crore. The IPO will offer a price band of Rs. 397 to Rs. 417 per share, with each share having a face value of Rs. 2.
The IPO consists of a fresh issue of equity shares worth Rs. 1,475 crore and an offer for sale worth Rs. 2,750 crore by its promoter, BCP Asia II TopCo Pte. Ltd.
Key Offer Details:
The IPO will open on Friday, December 13, 2024, and close on Tuesday, December 17, 2024.
Bids can be made for a minimum of 35 shares, and in multiples of 35 shares thereafter.
Eligible employees will receive a discount of Rs. 39.7 to Rs. 41.7 per share on the Employee Reservation Portion.
Funds Usage: IGI plans to use the funds raised to acquire IGI Belgium Group and IGI Netherlands Group from its promoter for Rs. 1,300 crore. The remaining funds will be used for general corporate purposes.
Strong Backing and Leadership: Tehmasp Printer, Managing Director of IGI, expressed excitement about the IPO, stating that IGI aims to become a global leader in the gem certification industry. Blackstone, a key investor, continues to support IGI’s growth and market leadership.
The IPO will be conducted through the Book Building Process, with the majority of shares allocated to Qualified Institutional Buyers (QIBs), and a portion reserved for Non-Institutional and Retail Individual Bidders.
For more details, the Red Herring Prospectus is available on SEBI’s website and the websites of the lead managers: Axis Capital, Kotak Mahindra, Morgan Stanley, and SBI Capital Markets.
Disclaimer:The securities being offered may not be sold in the United States unless registered or exempted from registration under the U.S. Securities Act. The IPO is subject to market conditions and regulatory approvals.