International Gemological Institute IPO Day 2: Issue Subscribed 0.46 times
International Gemological Institute’s initial public offer (IPO) saw its subscription rate climb up to 0.46 on the second day of the issue. The diamond grading and certifying organisation’s IPO will conclude its subscription period on December 17, 2024.
International Gemological Institute (IGI) IPO: Issue Details
The International Gemological Institute’s IPO is ₹4,225 crore and consists of both an offer-for-sale and an issue of fresh equity shares. The IPO will issue 3.54 crore fresh equity shares amounting to ₹1,475 crore, and the issue has an offer-for-sale component amounting to ₹2,750 crore or 6.59 crore shares. The issue opened for subscription on December 13, 2024, and will conclude on December 17, 2024. The basis of allotment will be finalised on December 18, 2024. Shares of the International Gemological Institute will likely be listed on the stock exchanges on December 20, 2024.
IGI IPO: Subscription Details
(December 16, 2024, 1:42 p.m.)
The International Gemological Institute IPO saw a weak opening with the issue being subscribed 0.17 times on the first day. Demand for the issue picked up on the second day with the subscription rate driven mainly by the retail investors.
On Day 2, the portion for qualified institutional buyers (QIB) saw a slight increase in the subscription rate with bids for 2.77 lakh shares against 3.19 crore shares on offer, or 0.01 times. The IPO’s portion reserved for non-institutional investors (NIIs) saw higher demand with the portion being booked 0.48 times with bids for 76.95 lakh shares against 1.59 crore shares on offer.
The issue received a strong response from retail investors as the portion was subscribed over 1.76 times with bids for 1.87 crore shares against 1.06 crore shares on offer. The portion reserved for the company’s employees received an overwhelming response as the company received bids for 2.88 lakh shares against an offer of 55,865 shares.
On Day 2, the issue was subscribed a total of 0.46 times with bids for 2.7 crore shares against 5.85 crore shares on offer.
International Gemological Institute IPO: Price Band and Lot Size
The price band for International Gemological Institute IPO Is set at ₹397 to ₹417 per share. The issue has a lot size of 35 shares. To apply to the International Gemological Institute IPO, a minimum investment of ₹14,595 will be required. The minimum lot size for small non-institutional investors and big non-institutional investors has been set at 14 lots and 69 lots, respectively
About International Gemological Institute
The International Gemological Institute is an organisation that certifies and grades diamonds, jewels, and gemstones. Founded in 1999, the company is recognised globally and offers comprehensive reports regarding the clarity, grade, cut, and purity of gemstones. In addition, the company also offers courses and degrees related to grading jewelry.
The company has 31 laboratories across the world and 18 gemology schools.
Through the net IPO proceeds the company aims to make payments towards the acquisition of IGI Belgium Group and IGI Netherlands Group. The funds will also be used for general corporate purposes.
For the quarter that ended September 30, 2024, the company’s net revenue stood at ₹619.49 crore, while the net profit came in at ₹326.06 crore.