International Gemological Institute IPO: A turning point in the evolution of the International Gemological Institute (IGI), the world-renowned organization for diamond and gemstone certification, has arrived with the launch of its eagerly awaited initial public offering. Investors are keeping a close eye on the subscription pattern, grey market premium, and upcoming listing schedule as the Rs 4,225 crore IPO closes today, December 17, 2024.
IGI intends to strengthen its worldwide operations while reaffirming India's leading position in diamond manufacturing and polishing by using the IPO funds for strategic acquisitions and corporate expansion. This page explores the most recent developments about the IGI IPO, including its subscription status, listing schedule, and future goals.
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IPO Subscription Status
Mixed investor interest was witnessed during the three-day subscription period for IGI’s Rs 4,225 crore IPO, which began on December 13, 2024. With bids for 4,24,06,035 shares against 5,85,60,902 available shares, the IPO was 72% subscribed by the end of the second day.
Category-wise subscription details as of December 16, 2024:
Retail Individual Investors (RIIs): Oversubscribed 2.44 times.
Non-Institutional Investors (NIIs): Subscribed 0.83 times.
Qualified Institutional Buyers (QIBs): Subscribed 0.09 times.
Employee Quota: Oversubscribed 6.69 times.
This IPO is priced between Rs 397 and Rs 417 per share with a lot size of 35 shares. For retail investors, the minimum price of one lot is Rs 14,595, while the maximum cost of 13 lots is Rs 1,89,735.
Grey Market Premium (GMP) Update
This is reflected in the strong demand for IGI shares in the grey market. On December 17, 2024, the shares are selling at a premium of Rs 125 over the IPO price band of Rs 542 per share. This shows that investors are feeling optimistic, as it represents a 30% premium over the IPO's top price band of Rs 417.
Listing Schedule and Allotment Dates
Basis of Allotment Finalization: December 18, 2024.
Shares Credited to Demat Accounts: December 19, 2024.
Expected Listing Date on BSE and NSE: December 20, 2024.
Strategic Importance of Listing in India
India contributes around 75-76% of IGI's total revenue, making it a vital component of its operations. Eshwar Iyer, MD & CEO and CFO of Tahmasp Printers said listing in India is in line with the country's leadership in diamond polishing and production. Although India is the world leader in diamond processing, the firm wants to ensure a global presence by bridging the gap between the Western industrial and retail markets.
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