The International Gemmological Institute (IGI) has concluded its initial public offering (IPO) with an impressive subscription rate of 33.78 times, reflecting strong demand across investor segments. The Qualified Institutional Buyers (QIB) portion led the way with a 45.80 times subscription, while the Non-Institutional Investors (NII) portion was subscribed 24.84 times. Retail investors also showed strong interest, with their quota subscribed 11.21 times, and the employees’ portion was subscribed 20.63 times.
The company, backed by Blackstone, successfully raised ₹1,900 crore from anchor investors on Thursday. The IPO, priced between ₹397 and ₹417 per share, closed on December 17, and raised a total of ₹4,225 crore. This included a fresh issue of equity shares worth ₹1,475 crore and an Offer-for-Sale (OFS) of ₹2,750 crore from the promoter, BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone.
IGI plans to use the funds raised to acquire IGI Belgium Group and IGI Netherlands Group from its promoter, along with other general corporate purposes. IGI is a leading entity in the certification and accreditation of natural diamonds, lab-grown diamonds, studded jewelry, and colored stones.
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