The International Gemological Institute (IGI) is all set to launch its Initial Public Offering (IPO) on Friday, December 13, 2024. The company will be offering its shares to the public, with the total size of the offer being Rs. 4,225 crore (Rs. 42,250 million). The offer will consist of both a fresh issue of shares and shares from an offer for sale.
- Fresh Issue: Rs. 1,475 crore (Rs. 14,750 million)
- Offer for Sale: Rs. 2,750 crore (Rs. 27,500 million)
The price band for the IPO has been set between Rs. 397 and Rs. 417 per share. Employees who are eligible for the Employee Reservation Portion can enjoy a discount of Rs. 39.7 to Rs. 41.7 per share.
Bid Lot: Investors can place a minimum bid for 35 shares, and bids can be made in multiples of 35 shares.
Where the IPO Funds Will Go:
IGI plans to use the money raised from the IPO for:
- Buying IGI Belgium and IGI Netherlands from the promoters for Rs. 1,300 crore (Rs. 13,000 million).
- The remaining funds will be used for general corporate purposes.
Important Points to Know:
- The Offer for Sale includes shares being sold by BCP Asia II TopCo Pte. Ltd., the promoter company.
- IGI has filed a Red Herring Prospectus with the Registrar of Companies in Maharashtra, Mumbai, detailing the IPO on December 6, 2024.
IGI’s Future and Growth Plans:
Amit Dixit, who heads Private Equity at Blackstone, spoke about IGI’s growth potential, saying, “We’re proud to back IGI as they move into the next phase of their journey. With more resources, we’ll help IGI grow and expand its reach in the certification business.”
Tehmasp Printer, IGI’s CEO, called this IPO a big milestone for the company. He added, “With Blackstone’s support, we’re looking to take IGI to new heights and become a global leader in certification, especially in the loose stones and studded jewelry sector.”
Blackstone’s Investment in IGI:
Blackstone has invested $570 million to fully acquire IGI, and Mukesh Mehta, Senior Managing Director at Blackstone, shared, “In less than two years, we’ve helped IGI solidify its place as a global leader in lab-grown diamond certification and are excited to continue working with them.”
Recognition in the Industry:
Tehmasp Printer was recently honored by the Gem & Jewelry Export Promotion Council at their Hall of Fame event in January 2024. He also received the ‘Outstanding Zarathushti Professional of the Year – 2023’ award from the World Zarathushti Chamber of Commerce.
This upcoming IPO reflects IGI’s strong position in the market and its huge growth potential, especially in the rapidly expanding lab-grown diamond certification sector. IGI has always been at the forefront of the industry and now plans to take its influence to a global level.
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