International Gemmological IPO subscribed 72% on Day 2 of offer – Times of India-OxBig News Network

NEW DELHI: The initial public offer of diamond grading firm International Gemmological Institute (India) Ltd got subscribed 72 per cent on the second day of share sale on Monday. The initial share sale received bids for 4,24,06,035 shares against 5,85,60,902 shares on offer, as per NSE data.
Retail Individual Investors (RIIs) part got subscribed 2.44 times while the category for non-institutional investors received 83 per cent subscription. The portion for Qualified Institutional Buyers (QIBs) fetched 9 per cent subscription.
Blackstone-backed International Gemmological Institute (India) Ltd on Thursday mobilised Rs 1,900 crore from anchor investors.
The issue, with a price band of Rs 397-417 per share, will conclude on December 17.
The Rs 4,225-crore IPO is a combination of a fresh issue of equity shares worth Rs 1,475 crore and an Offer-for-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone.
The company proposes to utilise the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter, and general corporate purposes.
International Gemmological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones.
Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets are book-running lead managers to the issue.
The shares of the company are expected to be listed on the BSE and NSE.