According to the circular, International Gemmological has sold around 4.56 crore equity shares to 68 funds worth Rs. 417, which is also at the upper end of the price band. This brings the transaction size to Rs. 1,900.34 crores.
per share Rs. 397 to Rs. The issue with a price band of 417 will open for subscription on December 13 and close on December 17.
Rs. 4,225-crore IPO led by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone, for Rs. 1,475 crore worth of fresh issue of equity shares and Rs. 2,750 crore is a combination of offer-for-sale (OFS).
The Company proposes to use the proceeds of the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from the Promoter; and general corporate purposes.
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At the upper end of the price band, the company has a market capitalization of Rs. 18,000 crore has been estimated.
International Gemmological Institute (India) Limited provides services related to certification and validation of natural diamonds, lab grown diamonds, studded jewelery and colored stones.
IGI is the world’s second-largest independent certification and accreditation services provider based on revenue among global peers for certification of diamonds, studded jewelry and colored stones for CY2023, with a global market share of approximately 33 percent, according to a RedSeer report.
The company said 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Investors can bid starting with a minimum of 35 shares and in multiples of 35 thereafter.
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets are the book running lead managers of the issue.
The company’s shares are expected to be listed on BSE and NSE on December 20.
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